AU Small Finance Bank's stock skyrockets ~14%

13 Apr 2023 , 11:30 AM

The shares of AU Small Finance Bank experienced a significant surge of 15% on Thursday, following the exchange of 33.5 lakh company shares (equivalent to 0.5% equity) worth Rs 213 crore at an average price of Rs 635. 

Brokerages hold a positive outlook on the bank’s future, expecting strong growth and profitability in the coming period.

At around 11.38 AM, AU SFB was trading 15.13% higher at Rs 667.95, against the previous close of Rs 580.15 on NSE. So far in the day, the counter hit and intraday high of Rs 689.90.

The company also informed that the Reserve Bank of India (RBI) has granted approval for the re-appointment of Sanjay Agarwal as the managing director and CEO of AU Small Finance Bank, for a term of three years.

According to a statement released by AU Small Finance Bank, the renewed appointment of Sanjay Agarwal as the managing director and CEO will be effective from April 19, and will remain valid until April 18, 2026.

Furthermore, the regulatory body has granted approval for the re-appointment of Uttam Tibrewal as the whole-time director of the company for a tenure of three years.

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