First came the news of promoter stake, then this stock hit lower circuit, now the company has given clarification

News Topical, Digital Desk : Bandhan Bank has issued a clarification regarding the sharp decline in its stock price and reports of a promoter stake sale. The bank stated that it is unaware of any such discussions or proposals and cannot confirm media reports.

The bank issued this clarification in a letter to the BSE and NSE. This clarification comes after reports that the promoters are exploring options for stake sales and a potential IPO to facilitate investor exits. The bank's stock fell by approximately 12.22% that same day, falling from ₹175.60 to ₹154.15.

What did the bank say? Bandhan Bank clarified that it has no knowledge of any such deal or negotiations, nor has it received any official information in this regard. Therefore, it is not in a position to comment on the accuracy of the media report. 

The bank's response to the stock price drop The bank also stated that all necessary and price-sensitive information is provided to the exchanges in a timely manner. Currently, there is no information that is pending to be disclosed to the exchanges that could have caused the drop in the share price. According to the bank, the recent share price drop is purely market-driven and may be due to market conditions over which the bank has no control. It also denied any regulatory action. Bandhan Bank stated that it is not aware of any regulatory or legal action in this matter, and the related news has not had any significant impact on the bank's business. The bank also reiterated that it fully complies with SEBI's listing regulations and makes all required disclosures in a timely manner

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