The company’s board accepted the request of Vishwavir Ahuja to proceed on leave with immediate effect.
‘); $ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] = 0){ $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); //$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); $ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”); }else if(resData[stkKey][‘percentchange’] 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Shares of RBL Bank hit a 52-week low of Rs 138, locked at the lower circuit of 20 percent in early trade on December 27 after the Reserve Bank of India appointed Yogesh K Dayal as an additional director on the board of the bank.
“The Reserve Bank of India appointed Mr. Yogesh K Dayal, Chief General Manager, Reserve Bank of India as an additional director on the board of the RBL Bank for a period of two years w.e.f December 24, 2021 till December 23, 2023 or till further orders, whichever is earlier,” the bank said in its press release.
Also Read – RBL Bank’s interim CEO Rajeev Ahuja says bank has full support of RBI, asset quality issues addressed
In an another development, the company board at its meeting held on December 25, 2021 accepted the request of Vishwavir Ahuja to proceed on leave with immediate effect.
The board appointed Rajeev Ahuja (currently the Executive Director) as interim managing director & chief executive officer of the bank with immediate effect, subject to approvals.
The other terms and conditions of his appointment, such as remuneration, would remain unchanged.
Also Read – RBI action against RBL Bank: What we know so far
CNBC-TV18 had reported on December 26, before the RBI action, that ace investor Rakesh Jhunhunwala and D-Mart founder RK Damani had approached the RBI with a request to buy 10 percent stake in RBL Bank.
However, today, Jhunjhunwala denied any interest in buying stake in the lender, to CNBC-TV18.
The central bank is in the process of examining the request, the news channel said.
Damani is yet to react to the CNBC-TV18 report at the time of writing this report.
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Here is what brokerages have to say about the stock and the company:
Motilal Oswal
Current developments have raised concerns about the bank’s ability to sustain a turnaround in its operating performance, while at the same time raising worries of similar actions by the regulator on other mid-sized banks, where the operating performance has been sub-optimal.
We thus put our rating under review and remain watchful of further developments and await further clarity in the 3QFY22 result.
CLSA
In a surprise move, the RBI has appointed an additional director to RBL’s board. In the past, this action by the RBI usually came when banks were in trouble. This move will lead to uncertainty in the near term.
The next 6 months will be key in validating the management’s reiteration of its performance.
We maintain an “outperform” rating and cut target to Rs 200 from Rs 230 per share.
ICICI Securities
Downgrade the rating to “sell” and cut target to Rs 131 from Rs 181.
The uncertainty looms as the RBI inducts additional director, while MD & CEO stepped down.
This interim adverse development can drag valuation to as low as 0.55x FY23 book.
Investec
Maintain “buy” call with a target at Rs 295 per share.
The recent development is clearly a negative outcome from investor confidence perspective. There are no changes to our estimates given that the management has reiterated guidance.
We placed our recommendation ‘under review’ from “buy” and will update post Q3FY22 results.
At 10:01 hrs RBL Bank was quoting at Rs 138, down Rs 34.50, or 20 percent
on the BSE.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
