Vikram Pandit invests in JM Financial; stock up 18%

Vikram Pandit, who resigned from Citi last October, will also become non-executive chairman of JM Financial's banking arm if it succeeds in getting a banking license, the company said.

May 17, 2013 / 10:22 IST

Shares in JM Financial Ltd rose as much as 18 percent at 9: 36 IST on Friday after the company said on Thursday former Citigroup Chief Executive Vikram Pandit is buying a stake in the Indian financial services company.

Pandit, who resigned from Citi last October, will also become non-executive chairman of JM Financial's banking arm if it succeeds in getting a banking license, the company said.

A block deal of 599,850 shares JM Financial's shares were also sold at 26 rupees in the National Stock Exchange early on Friday.

At 9:24 a.m., the stock was trading up 10.19 percent.

first published: May 17, 2013 09:40 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347