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The share price of Bandhan Bank tumbled by 9.04% to ₹179.55 per share on the BSE as investors reacted to the news of Chandra Shekhar Ghosh stepping down from his position as MD & CEO. Ghosh, who has led the bank since July 2015, announced his retirement effective July 9, 2024, upon the completion of his current tenure.
The decision, disclosed by the bank’s board of directors on April 05, caught market participants off guard, leading to a flurry of reactions from analysts and investors. Foreign brokerage Jefferies swiftly downgraded its rating on Bandhan Bank to ‘Underperform’ from ‘Buy’, citing concerns over the leadership transition and the potential impact on the bank’s performance.
Jefferies also revised its target price on Bandhan Bank shares downward to ₹170 from ₹290, indicating a potential downside of nearly 14% from Friday’s closing price. The brokerage highlighted the importance of a smooth transition and succession plan, particularly given the relatively new senior staff at the bank.
The abrupt departure of the founder-CEO has raised questions about the bank’s future direction and stability, prompting investors to reassess their positions. The Bandhan Bank board had previously approved a three-year reappointment for Chandra Shekhar Ghosh, pending approval from the Reserve Bank of India (RBI), underscoring the unexpected nature of his resignation.
As Bandhan Bank navigates through this period of transition, investors will closely monitor developments surrounding the appointment of a new CEO and the bank’s strategy to maintain its growth trajectory amidst leadership changes. The coming months are likely to be critical for Bandhan Bank as it seeks to reassure stakeholders and regain investor confidence following the departure of its long-standing leader.
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