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Shares of Jammu and Kashmir Bank Ltd slumped by 20 per cent daily limit, the biggest intra-day percentage drop in over five years.
The lender on Saturday said Parvez Ahmed had ceased to be chairman & chief executive officer of the bank.
The bank today received approval from the central bank to appoint R.K. Chhibber as interim chairman and managing director.
Media reports said Ahmed was sacked following allegations of offences, including nepotism and corruption. The J&K anti-corruption bureau is probing the allegations, reports say. J&K Bank and Ahmed were not immediately available for comment.
The stock has touched its lowest level since March 18 at Rs 47.55. Over 5.9 million shares changed hands versus the 30-day average of about 1.1 million shares.
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