BackRBL Bank MD sells shares worth ₹3.2 crore in lender
Vishwavir Ahuja sold 0.02% stake in the bankAhija now holds 1.97% stake in the lender
PremiumMumbai: RBL Bank Ltd managing director and CEO Vishwavir Ahuja has sold shares worth ₹3.20 crore in the open market, according to BSE website data.
Ahuja sold 0.02% stake in the bank in two tranches of 50,000 shares each on 5 February and 6 February. He holds 1.97% stake in the lender post the stake sale.
RBL Bank shares have tumbled over 54% since 28 May due to deterioration in its asset quality.
At 2.40 pm, RBL Bank shares were at ₹326.50 on BSE, down 1.77% from its previous close.
In the December quarter, RBL Bank's gross bad loans as a percentage of total loans rose 195 bps year-on-year to 3.33%. On an absolute basis, gross non-performing assets almost trebled YoY to ₹2,010 crore. The bank’s net NPA ratio was up 135 bps. Sequentially, fresh slippages increased 4.9 times to Rs1040 crore, while recoveries and write offs increased 3.6 times to ₹570 crore.
The bank’s total provisions almost quadrupled to ₹638 crore in Q3 FY20. Provisions rose 20% from ₹533 crore in the September quarter of the current fiscal.
"... persistent slippages from BB+ & Below portfolio, a low PCR, issues in MFI space and a fairly aggressive growth in credit cards could keep credit cost elevated in the medium term. This could keep valuation multiple under check despite an improving PPOP profile. Retain Reduce rating, but would look for a significant trigger to upgrade post the recent capital raise," said Yes Securities in a note to its investors.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
