Shares of United Bank of India were down 3.5 percent hitting record low of Rs 23.40 per share intraday on Friday. Investors are worried as its head is opting for voluntary retirement.
The PSU informed that finance ministry has accepted application for voluntary retirement of Archana Bhargava, chairperson and managing director.
“In absence of the chairman and managing director both the executive directors shall jointly remain in charge of the bank, till such time that a regular incumbent takes over the charge of CMD,” said the bank in a statement.
Bhargava was appointed as the chairperson of the bank in April, 2013 and was given the charge till February, 2015. Her resignation comes at a time when the bank grappling with heavy losses and credit quality.
The stock closed at Rs 24.60, up Rs 0.35, or 1.44 percent on the BSE.
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