J&K Bank shares tumble 20 pc; hit lower circuit on removal of Chairman
At NSE, shares plunged 19.94 per cent to hit a lower circuit of Rs 47.55.
At NSE, shares plunged 19.94 per cent to hit a lower circuit of Rs 47.55.
Informed sources told IANS that the scope of the ACB investigation has been extended to the loans and non-performing assets (NPA) portfolios of the bank.
Minutes after the removal of Ahmad, the state vigilance organisation sleuths raided the corporate headquarters of the bank in Srinagar and were reportedly searching for records of nearly 1,200 appointments made allegedly at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad's tenure.
The state government issued an order on Saturday which said, "Parvez Ahmad shall cease to be Director on the Board of Directors of the Bank and consequently be no longer the Chairman cum Managing Director of the board."
