Bandhan Bank shares fall 12%, the most since March 2020 as losses extend for third day

Shares of Bandhan Bank are down 12% on Monday, March 16, extending their losses for the third day in a row. This is the worst single-day fall that the lender has seen since March 2020.In the 10 trading sessions since the start of March, the stock has gained in only three of them.

Volumes began to pick-up for the stock starting 10:30 AM on Monday. Currently, 1.45 crore shares of Bandhan Bank have already changed hands, compared to the 20-day average of 58 lakh shares at this time of the day. These are also the highest volumes the stock has had in the month of March so far.
On the charts, shares of Bandhan Bank have slipped below their 50-day moving average (50-DMA) at ₹161.2, and its 200-DMA of ₹164. The only level left on the downside now is the 100-DMA, which is at ₹156.76.The stock is also headed towards oversold levels. The Relative Strength Index (RSI) on the charts is at 38. An RSI reading below 30 indicates that the stock is in oversold territory.

On Sunday, the Election Commission of India announced dates for the West Bengal state assembly elections. Polling will take place in two phases, on April 23 and April 29, respectively.

28 analysts have coverage on Bandhan Bank, of which 16 still have a “buy” rating, seven say “hold”, while five have a “sell” rating on the stock.

Shares of Bandhan Bank are now trading 9.9% lower on Monday at ₹158.37.