Promoters of private lender Bandhan Bank reduced their stake by 21 percent as per RBI guidelines. The stock declined by nearly 10 percent as block deals were carried out during the trading hours. After the stake sale, promoter’s stake in the bank has reduced to 40 percent.

33.7 crore shares were sold by the promoter group Bandhan Financial Holdings Limited. The stock closed 10.5 percent lower in today’s session. Bandhan Bank touched intraday low of Rs 295. The stock has touched 52-week low and high of Rs 152 and 650 respectively.

Bandhan Bank has over 4500 points of contact with customers across India and the bank currently serves 2.02 crore customers.

Informing about the stake reduction, Bandhan Bank said, “We would like to inform that in terms of the Guidelines for Licensing of New Banks in the Private Sector issued by RBI on February 22, 2013, ('Licensing Guidelines') and Licensing conditions, Bandhan Financial Holdings Limited ('BFHL' or the 'NOFHC'), the holding company of the Bank was required to bring its excess shareholding to 40 per cent of the paid-up voting equity capital of the Bank.”