Mumbai, April 8 -- The board of the bank took the resignation of Chandra Shekhar Ghosh on record on 05 April 2023.

Following this development, a foreign brokerage has reportedly downgraded the bank's rating to "underperform" from "buy".

It has reportedly slashed the target price of the stock to Rs 170 from Rs 290 - a 14% downside from the stock's closing price of Rs 197.40 on 05 April 2024.

The brokerage has reportedly expressed concerns about the uncertainty related to the appointment of a new CEO. The brokerage also reportedly said that there should be a smooth succession process considering that most senior management members are relatively new to the bank.

Bandhan Bank operates as a commercial bank. The banking outlets as on 31 De...