June 4, 2018 / 8:45 AM / 15 days ago

BUZZ-India's IDBI Bank hits 2-week low after CEO named RBI deputy governor

** Shares of IDBI Bank Ltd drop as much as 6.3 pct to 59.70 rupees, lowest since May 21

** India names IDBI Bank CEO Mahesh Kumar Jain as RBI deputy governor for three years

** “Jain was working in Indian Bank where there was a turnaround back in 2015 because of his strategies such as sale of non-core assets and reduction of high corporate debt. Then he was transferred to IDBI Bank for its turnaround,” says Yuvraj Choudhary, an analyst at Anand Rathi Securities

** Jain’s exit is negative for stock - Choudhary

** More than 8.5 mln shares change hands, compared with 30-day moving avg of nearly 13 mln

** Up to Friday, stock had risen 6.4 pct this year

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