RBL Bank stock tumbles 2% as GST officials conduct search operations

RBL Bank posted a 86 percent on-year fall in its net profit to Rs 32.63 crore for Q3.

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26 Aug, 2025 12:21

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Private sector lender RBL Bank's stock price will be in focus as the Maharashtra State GST Department initiated a search operation at three of its offices in the state.

The search at RBL Bank is being conducted under Section 67 of the Maharashtra Goods and Services Tax (MGST) Act, 2017. "The proceedings are ongoing, and the Bank is cooperating fully in providing data as per request placed," said the bank in an exchange filing.

The bank stated that the proceedings are ongoing and that it is fully cooperating with authorities by providing the requested data.

At 9.18 am, RBL Bank shares were trading at Rs 151.89, lower by 2.1 percent compared to the previous session's closing price.

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RBL Bank has revamped its leadership team, naming Narendra Agrawal as President & Head of Branch Banking and Retail Liabilities, while appointing T.S. Pari as Chief Operations Officer (COO). The changes are part of the bank’s efforts to enhance its retail banking segment and improve operational efficiency.

Agrawal, a banking veteran with over 25 years of experience spanning deposits, lending, distribution, and payments, will oversee deposit growth, customer engagement, and the integration of branch banking with asset sales.

Pari, who has held leadership roles in both foreign and private sector banks for a similar duration, will focus on streamlining operations, bolstering customer-centric strategies, and strengthening risk management.

The leadership overhaul aligns with RBL Bank’s broader transformation agenda. MD & CEO R. Subramaniakumar emphasized that these appointments will accelerate progress in crucial business areas.

RBL Bank reported a 86 percent on-year fall in its net profit to Rs 32.63 crore in the third quarter of financial year 2025. Sequentially, net profit fell 85 percent. Gross non-performing asset (NPA) ratio was 2.92 percent as on December 31, 2024, as compared to 2.88 percent as on September 30, 2024, and 3.12 percent on December 31, 2023.

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