Bandhan Bank rises 1.11% to Rs 520.85 on bargain hunting after a recent steep slide.
The stock tumbled 9.72% in four session to Rs 520.85 on Wednesday from its recent closing high of Rs 576.95 on 5 December 2019.
The stock came under bear clutch after violent protests erupted in the northeastern state of Assam against the Citizenship Amendment Bill (CAB), a new law that would make it easier for non-Muslim minorities from some neighbouring countries to seek citizenship in India.
A curfew was imposed in Assam after protesters came out on the streets against the bill that they fear will encourage Hindus from Bangladesh to settle in the region.
The Rajya Sabha on Wednesday approved the Citizenship (Amendment) Bill, completing the legislative procedure for giving Indian citizenship to non-Muslim migrants from Pakistan, Afghanistan and Bangladesh. The Bill was passed with 125 votes in favour and 105 against it. The Bill was passed by Lok Sabha on Monday. It will now go to the President for his assent.
Bandhan Bank holds 18% of assets under management (AUM) from Assam. As per the Bandhan Bank's 2018-19 annual report, 73 branches of the bank (out of the total 986 bank branches) and 346 doorstep service centres (DSCs) (of the total 3,014 DSCs) are located in Assam. The state is one of the biggest source of business for the bank as it has the second highest number of bank branches and DSCs after West Bengal.
The bank reported 99.3% jump in net profit to Rs 971.80 crore on a 66.1% increase in total income to Rs 3050.55 crore in Q2 September 2019 over Q2 September 2018.
Bandhan Bank is a banking and financial services company.
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