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Last Updated : Jun 10, 2019 10:37 AM IST | Source: Moneycontrol.com

J&K Bank tanks 20% on removal of Chairman Parvez Ahmad

RK Chibber has been appointed as the interim chairman and director on the board of directors

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Shares of The Jammu and Kashmir Bank dropped about 20 percent on June 10 in the morning trade after the government on June 8 removed J&K Bank Chairman Parvez Ahmad and appointed its executive president RK Chibber as an interim chairman.

The government said it has decided to take long-term measures to improve the functioning of the bank so that it becomes an example of a well-managed government-owned bank and Ahmad's removal was the first step in that direction.

It added that Chibber has been appointed as the interim chairman and director on the board of directors.

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"RK Chibber is hereby nominated as the Director on the Board and may be further appointed as the interim Chairman cum Managing Director of the Board," the order said.

Within minutes of the government order, sleuths of state vigilance organisation raided the corporate headquarters of the bank situated at M A Road here, officials said.

The Vigilance Organisation was looking for the records of the nearly 1,200 appointments made during the previous PDP-BJP dispensation in the state during Ahmad's tenure as chairman of the bank, the officials added.

(With inputs from PTI)

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First Published on Jun 10, 2019 10:37 am
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