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Thursday, 29 August 2019

RBL Bank recovers from last 34-month low, jumps 6 percent on clarification

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ESOPs exercised and sale of equity by the employees for July is in line with the past. 

NSE Shares of RBL Bank 3.87 % recovered from a 34-month low to jump 6 per cent Today trade after the bank clarified that no key managerial personnel (KMP) has sold any shares, as is reported in the media.

There were speculations in the market that stock sale by employees in the wake of Cafe Coffee Day founder VG Siddartha’s death was possibly based on undisclosed knowledge of the group’s exposure to the lender.

On BSE the scrip jumped 6.07 % to hit a high of Rs 332.70. It fell 12% to settle at Rs 313.65 yesterday, the lowest since October 19, 2016.

The ESOPs exercised and sale of equity shares by the employees for July is in line with the past, the company said, adding that no management committee member including KMPs sold any shares on July 30.

27 RBL employees had sold bank shares on July 30th. "The total amount of transaction that happened on that day was as small as some 3 odd lakh shares which is a very small number. No person who was is in key management positions or other such senior individuals who are considered as key management personnel transacted at all," sources said.

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