In a bearish mood overwhelmed on the stock market on Tuesday, the shares of RBL Bank (Ratnakar Bank) has tanked around 22 percent to hit a new record low of Rs.255.60 on Tuesday.
RBL share has now dropped by more than 60 per cent of investor's wealth since May 2019. Bank's MD and CEO, Vishwavir Ahuja said the selling is looking highly speculative.
The private sector bank is trading 13 per cent higher than the issue price of Rs.225. Meanwhile, it hit an all time high of Rs.716.55 on May 28, 2019. Ahuja said that the bank has very few NPA names and the situation is stable.
Later, the bank recovered much of its lost ground and reached at Rs.299. Tuesday was a day of bloodbath as far as the banking shares are concerned. The negative news on the Punjab and Maharshtra Bank had a negative impact on all bank shares.