Jammu & Kashmir Bank (J&K Bank) is the top loser on the BSE; from its close of Rs.113.23, it opened lower at Rs.109.79 and slipped down to Rs.102.50 and currently trades around Rs.195 levels.

Apart from the knee-jerk reaction to the Pahalgam terror attack, the Bank is facing its own issues. To things – firstly, Jammu and Kashmir government removed Chairman Parvez Ahmad. An Anti-Corruption Bureau raid at the bank’s corporate office also shook investor confidence.

Chairman Parvez Ahmad Removed by J&K Govt

• The Jammu and Kashmir government has abruptly removed Chairman Parvez Ahmad from his position.
• This kind of government intervention—especially in a publicly listed bank—raises serious concerns about governance and autonomy.
• It’s being viewed as a loss of investor confidence in leadership stability.

Anti-Corruption Bureau (ACB) raid

• Simultaneously, the ACB conducted a raid at J&K Bank’s corporate office in Srinagar.
• The raid reportedly relates to:
  • Alleged irregularities in appointments
  • Loan sanctioning practices
  • Financial mismanagement under previous leadership

The sell-off today is a mix of all these issues with institutions selling off in a big way as governance issues are a bigger concern for them.