Stocks of Jammu & Kashmir Bank recovered from lower levels to touch a new all-time high of Rs 169.50 on good buying support, before finally closing 5.13 per cent higher at Rs 168.95.
Around 3.38 lakh shares were traded on the BSE today. In 30 sessions, the scrip has risen 56 per cent from Rs 108 on March 25, 2003.
Dealers attributed the rise in the J&K Bank scrip to rumours that the bank might declare a 1:1 bonus issue of equity shares.
Talks that the bank might sell equity stake to a foreign strategic partner also fueled the rally.