© Reuters.
Bank of Baroda’s shares experienced a 4% fall to Rs 206.3 per piece on Wednesday, following a directive from the Reserve Bank of India (RBI) to cease further customer on-boarding on its mobile banking app. The bank’s market capitalization dropped to 1.07 lakh crore, with a total turnover of Rs 14.19 crore for the day.
Despite the bank’s stock displaying high volatility with a one-year beta value of 1.5 and a Relative Strength Index (RSI) of 56.9, it has shown considerable growth over the past year. The bank’s stock has risen by 62% over the past year and by 12% since the start of this year, trading below short-term but above long-term moving averages.
In response to the RBI directive, Bank of Baroda released a statement on Tuesday, indicating that it has begun implementing corrective measures and is focusing on strengthening related processes. The bank reassured its approximately 3 crore active users, from a total of 5.3 crore downloads on the bob World mobile app, that they would continue to receive uninterrupted services.
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