MUMBAI : Shares of Jammu & Kashmir Bank today surged nearly 7 per cent post stock-split.
Defying the weakness in the stock market, the bank’s stock rose by 6.87 per cent to settle at Rs 168.85 on the BSE. During the day, it jumped 12 per cent to Rs 176.95 as against Rs 157.99 (adjusted basis).
The stock had closed at Rs 1,579.90 (pre-split) yesterday.
At the NSE, the scrip climbed 6.65 per cent to end the day at Rs 168.45.
On the volume front, 4.76 lakh shares of the company changed hands at the BSE, while over 33 lakh shares were traded at the NSE during the day.
In a filing to the BSE on August 19 J&K Bank had said the Board of Directors at their meeting held on August 4, 2014 fixed September 5 as the record date for purpose of sub division of each equity share of the face value of Rs 10 into 10 equity shares of Re 1 each pursuant to the approval accorded by the shareholders.
Stock-split increases liquidity of a share as more retail investors buy the share due to its reduced price per share.
Meanwhile, in the broader market the BSE benchmark Sensex fell by 54.01 points to settle at 27,085.93. (AGENCIES)
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