Read why RBL shares sank by 15%; what to expect?
RBL Bank shares: The multi-bagger counter has earned around 120 per cent in the past year.
The stock was up 19 per cent on a year-to-date (YTD) basis and 16 per cent in the past month.
Shares of RBL Bank Ltd fell 1.61 per cent in Monday’s trade to beat a day low of Rs 212.65 over their last close of Rs 216.15. At today’s down price, the share traded 15.35 per cent lower from its 52-week high of Rs 251.20, a level witnessed on July 27, 2023. The multi-bagger counter has earned around 120 per cent in the last year. The stock was up 19 per cent on a year-to-date (YTD) basis and 16 per cent in the past month.
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The share was in principle a couple of weeks after tech-to-tractor empire Mahindra & Mahindra (M&M) picked up a 3.53 per cent stake in a private lender for Rs 417 crore. The automaker even planned to increase its stake to 9.90 per cent, subject to regulatory permission. It must be cited that any investor must get support from the Reserve Bank of India (RBI) to hold around 10 per cent of a lender.
Analysts broadly said the share looked ‘bearish’ on the technical front. Reliance on the counter could be witnessed at Rs 211, followed by Rs 200 and 190 levels.
