New Delhi: Shares of Jammu and Kashmir (J&K) Bank plunged 20% on Monday after its chairman and chief executive officer, Parvez Ahmed, was removed by the state government on Saturday. During the early trade, the stock slumped 20% daily limit, its biggest intra-day percentage drop in over five years. The Jammu and Kashmir government on Saturday removed chairman Parvez Ahmad and appointed its executive president R K Chibber as an interim chairman. The Nifty PSU Bank fell 1.27% with Jammu and Kashmir Bank is the biggest laggard. J&K Bank had reported an over a seven-fold jump in its net profit at ₹214.8 crore in the fourth quarter of the fiscal ended March 2019.

Source: Mint June 10, 2019 06:33 UTC