RBL Bank s shares surged over 4% to reach a 52-week high of INR 233.70 on Wednesday following reports indicating Mahindra Group may have bought a 4% stake in the Indian private lender, a move seen as part of the automotive-to-hospitality conglomerate s strategic plans.
RBL Bank's beat in 4QFY23 earnings was driven by lower provisions and said operating performance was in line with estimates, said Motilal Oswal Securities. This brokerage, however, has marginally cut earnings estimates.
IndusInd Bank, Kotak Mahindra Bank, RBL Bank, Bandhan Bank, Axis Bank and YES Bank were six private banks where FPIs cut holdings in Q4. FPIs owned 23-49 per cent stakes in these banks in the March quarter.
The RBI said RBL failed to ensure that the loan recovery agents it engaged during those periods did not resort to intimidation or harassment and that it did not ensure police verification of the agents before employing them