Srinagar, July 21: As the Sensex ended its six-day winning streak, Jammu and Kashmir Bank's stock continued to reach new highs in the market, touching Rs 74.90 a share on its 25 trading anniversary.
J&K Bank's stock is frequently breaking its 5-year highs on the trading charts.
On Friday, when the Sensex finished in the red, the bank's stock concluded the day trading at Rs 74.45 on the NSE.
On July 21, 1998, 25 years ago, J&K Bank offered its share in the Sensex at a face value of Rs 10, and the stock was subscribed at Rs 38.
At that moment, nearly 1.85 crore shares were exchanged in the market.
In 2014, shares were split in a 1:10 ratio, which meant that a Rs 100 share was divided into 10 shares at Rs 10.
Currently, over 96 crore Jammu and Kashmir Bank shares are listed on the stock exchange, while around 7 crore ESPS shares remain unlisted.
J&K Bank shares have given returns of more than 160 percent to investors in the previous year, and financial analysts are positive on this scrip as the bank is set to release its quarterly results on Monday.
"J&K Bank share continues to give a positive result, since its inception as a listed company, the share prices have witnessed good growth," a top bank executive said.
"If we consider that bank shares were divided in a 1:10 ratio in 2014, shares purchased in 1998 for Rs 38 meaning that J&K Bank's share price has risen from Rs 3.8 to Rs 74.45 per share since its listing in the stock exchange."
The bank has been effective in rebuilding investors' confidence after it was harmed a few years ago, as seen by the share's continuous performance.
After Baldev Prakash took over as Managing Director (MD) and Chief Executive Officer (CEO) of the bank in December 2021, the share price was somewhat more than Rs 36 at the time and in less than 2 years the share price of the stock has seen a turnaround.
The bank has exhibited indications of recovery under Prakash's leadership, and stability in its performance is evident as it works to repair the balance sheet.