Research icon J&K Bank hits 10-year low after reports of raid at former chairman's residence

Jammu & Kashmir Bank shares fell 10 percent intraday on June 19 after a media report indicated that former chairman residence has been raided by Anti-corruption Bureau (ACB).The stock touched a day's low of Rs 33.50, the lowest price since May 2009. At 1238 hours IST, it was quoting at Rs 34.40, down Rs 2.80, or 7.53 percent on the BSE. J&K Bank's former Chairman Parvez Ahmad's residence has been raided by the Anti-corruption Bureau.

The government on June 8 had removed Parvez Ahmad and appointed its executive president RK Chibber as an interim chairman.

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