RBL Bank hits new low

RBL Bank is the top loser on the BSE; the stock, which had closed on Friday at Rs.113.35, opening lower at Rs.102.05 and going down to a new 52-week low at Rs.90.80.

The market is not too happy with the appointment of the new MD and CEO.

Six months after RBI’s intervention which led to the then MD & CEO, Mr.Vishwavir Ahuja stepping down, a new chief was appointed – veteran banker R Subramaniakumar, for a period of three years. 

The newly appointed CEO was earlier involved in the resolution process of DHFL and Indian Overseas Bank.

The market is anxious and wants to wait and watch as to how the new management will chalk out the new business strategy, keeping in mind the short term growth plans and more importantly, the asset quality management.