Bank Of Baroda Shares Tumble After RBI Suspends 'BoB World' App
RBI directed the lender to suspend the onboarding of new customers onto its ‘bob World’ app due to certain supervisory concerns.
Shares of Bank of Baroda fell over 3%, the most in a single day in over two months, on Wednesday after the RBI suspended adding new customers to its new app.
The lender said it has initiated steps to plug gaps in its app ‘bob World’, and it will work closely with the RBI to address their concerns as soon as possible, according to an exchange filing.
Shares of the lender fell as much as 3.73% to Rs 206.30 apiece, the most in a single day since Aug. 2, before paring losses to trade 1.91% lower at Rs 210.20 apiece, compared to a 0.55% advance in the benchmark NSE Nifty 50 as of 9:31 a.m.
It has risen 13% on a year-to-date basis. The total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 51.
Twenty-nine out of the 36 analysts tracking the company maintain a 'buy' rating, and seven recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 10%.
