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Dhanlaxmi Bank share price closes over 12% higher after RBI clears appointment of MD

Share price of Dhanlaxmi Bank ended 12.77% higher at Rs 14.92 against the previous close of Rs 13.23 on BSE.

twitter-logo BusinessToday.In        Last Updated: February 24, 2020  | 16:15 IST
Dhanlaxmi Bank share price closes over 12% higher after RBI clears appointment of MD
Dhanlaxmi Bank stock gained up to 19.43% to Rs 15.80 on intra day basis

Dhanlaxmi Bank share price closed higher today after banking regulator RBI cleared the  appointment of Sunil Gurbaxani as Managing Director & CEO of the bank for a period of three years from the date of taking charge. Share price of Dhanlaxmi Bank ended 12.77% higher at Rs 14.92 against the previous close of Rs 13.23 on BSE.

Dhanlaxmi Bank stock gained up to 19.43% to Rs 15.80 on intra day basis.

The microcap stock has gained 5.44% during the last one year and risen 2.9% since the beginning of this year.

In February last year, RBI took the lender out of restrictive prompt corrective action (PCA). Dhanlaxmi Bank was removed from the RBI PCA framework, subject to certain conditions and continuous monitoring, as the bank is found to be not breaching any of the risk thresholds of the framework.

During the third quarter ended December, the bank reported a 26 per cent rise in net profit to Rs 21.28 crore for the third quarter ended December.

The private sector lender had registered a net profit of Rs 16.90 crore during the corresponding period in previous fiscal. Total income rose to Rs 285.85 crore from Rs 272.16 crore in October-December 2018-19.

By Aseem Thapliyal

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