Bandhan Bank share price rose nearly 5 percent intraday on February 20 despite research house Macquarie maintaining its underperform rating on the stock.
Macquarie stuck with underperform rating, with a target at Rs 470 per share.
According to the research house, the potential upside is capped given stock supply overhangs, while the counter can correct further if protests and unrest spread in Assam.
"We are perplexed by the company’s refusal to sign the code for responsible lending," it added.
At 1113 hours, Bandhan Bank was quoting at Rs 426.95, up Rs 12.30, or 2.97 percent, on the BSE.
The share touched its 52-week high of Rs 650 on October 29, 2019, and 52-week low of Rs 409.05 on February 19, 2020.
It is trading 34.32 percent below its 52-week high and 4.38 percent above its 52-week low.
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!
