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RBL Bank stock falls 9% after MD sells stake worth Rs 38 crore

RBL Bank stock falls 9% after MD sells stake worth Rs 38 crore

RBL Bank share slipped 8.97% intra day to Rs 191.70 against previous close of Rs 210.60 on BSE

RBL Bank stock has fallen after 6 days of consecutive gain. RBL Bank stock has fallen after 6 days of consecutive gain.

Shares of RBL Bank fell 9 percent today after MD & CEO Vishwavir Ahuja sold nearly 19 lakh shares of the lender. RBL Bank share slipped 8.97% intra day to Rs 191.70 against previous close of Rs 210.60 on BSE. Later, the share ended 6.93% lower at Rs 196. The stock has fallen after 6 days of consecutive gain. The mid cap share touched an intraday high of Rs 217.8 (3.42%).

The share stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. In one year, the share has lost 40.4% and fallen 43.16% since the beginning of this year. However, in a month, it has gained 15.57% on BSE. Total 30.39 lakh shares changed hands amounting to turnover of Rs 61.32  crore. Market cap of the lender fell to Rs 9,971 crore.

"Vishwavir Ahuja, Managing Director & CEO of the bank, has sold 18,92,900 shares of RBL Bank on August 27 and 28, 2020, for approximately Rs 38.52 crore," the bank said in a BSE filing on August 28.

The bank said the sale has been driven primarily with the need to extinguish personal debt obligations and related servicing burden, undertaken over the last few years mainly to exercise and purchase vested ESOPs (and pay associated tax), as well as to take care of some pressing family commitments.

The sale represents approximately 18 percent of his and his family's total holdings and Ahuja continues to retain 80,10,000 shares (approximately 1.6 percent holding) of RBL bank post the sale of these shares, the lender said. Meanwhile, erasing gains after six sessions, Sensex ended 839 points lower at 38,628, while Nifty lost 260 points to 11,387 as reports emerged about border tension between India and China.

Share Market Highlights: Sensex ends 839 points lower, Nifty at 11,387; Bajaj Finserv, Sun Pharma top losers 

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Published on: Aug 31, 2020, 4:17 PM IST
Posted by: Aseem Thapliyal, Aug 31, 2020, 4:17 PM IST