RBL Bank hits record low after the bank appoints new CEO & MD

RBL Bank slumped 16.19% to Rs 95 after the bank appointed R Subramaniakumar as the new managing director and CEO of the bank for three years.

R Subramaniakumar is a banker with 40 years of experience. He is an Independent Director of the LIC Pension Fund. He is a physics graduate with PGDCA (post graduate diploma in computer application). He has acquired CISA (certified information system audit) & CISM (certified information security manager) from ISACA, USA. He is a banker with CAIIB (certified associate of indian institute of bankers) and also holds advanced banking certificate from University of Maryland, USA.

Shares of RBL Bank have tumbled 16.55% in two trading sessions from its previous closing high of Rs 113.85 on 9 June 2022. The stock has lost 58% from its 52-week high of Rs 226.45 recorded on 8 July 2021.

Shares of the private sector bank hit an all time low of Rs 92.75 in intraday today on the BSE.

In last one month, the stock has declined 14%, underperforming the benchmark Nifty 50 index which slipped 0.17% in the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 31.443. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading below its 50, 100 and 200 days simple moving average placed at 119.04, 129.07 and 155.17 respectively. These levels will act as crucial resistance zones in near term.

RBL Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, agriculture finance and financial inclusion, treasury operations and other banking related activities.

RBL Bank's standalone net profit surged 162.6% to Rs 197.83 crore on a 5.1% rise in total income to Rs 2,642.31 crore in Q4 FY22 over Q4 FY21.

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