Bandhan Bank falls on merger report denial; shares down

Shares of Bandhan Bank and Gruh Finance fell up to 4 per cent intra-day after both companies denied the news report of merger. While Bandhan Bank stock plunged up to 4 per cent to an intra-day low of Rs 506.95, Gruh Finance scrip declined over 2 percent to Rs 320.35 from the day’s high on BSE.

Bandhan Bank stock has already declined 7 per cent in the last three trading sessions and Gruh Finance was up 10 per cent in the same period. However, the shares have recovered since then and are currently trading at Rs 525.15 down 0.31 per cent on BSE.

The exchange had Friday sought clarification from Bandhan Bank with reference to a news item dated December 21, 2018 quoting Bandhan bank is in talks with HDFC for control of Gruh Finance.

“Bandhan Bank evaluates various opportunities on a continuous basis and the Bank, as a matter of policy, does not comment on market speculation. If and when any proposal warranting such disclosure, the Bank will do the same as required under the SEBI regulations,” Kolkata-based private lender said in an exchange clarification to the news report.

“In this connection, we would like to state that as a business strategy, the company regularly explores various business opportunities for the sale of its loan assets and other feasible modes of organic and inorganic growth; however, there is no decision taken by the Board of Directors of the company,” Gruh Finance said in the regulatory filing.

Meanwhile, after opening mildly higher, Sensex and Nifty turned choppy in the late morning trade on Monday, tracking weak global cues. The Sensex is down about 100 points to 35,640.71, while the Nifty 50 is trading below the 10,750 level.

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