J&K Bank Shares Rise 7% Following Appointment of Amitava Chatterjee as MD & CEO

Jammu & Kashmir Bank shares surged 7.4% in Thursday's trading, reaching an intraday high of Rs 105.44 per share on the BSE. 

The stock gained momentum following the bank's announcement that Amitava Chatterjee would be appointed as the new Managing Director and Chief Executive Officer for a three-year term, effective from December 30, 2024.

At around 11:32 AM, J&K Bank's shares were trading up 4.82% at Rs 102.85 per share on the BSE. In comparison, the BSE Sensex was up by 0.07%, standing at 78,528.01. The bank’s market capitalization was Rs 11,325.66 crore. The stock’s 52-week high was Rs 152.45 per share, while the low stood at Rs 88.20 per share.

The filing also mentioned that the Government of Jammu and Kashmir appointed Mr. Amitava Chatterjee as a Government Nominee Director on the bank's Board, replacing Mr. Baldev Prakash, effective December 30, 2024.

Read more - Cabinet Appoints Arunish Chawla as Revenue Secretary Ahead of Budget Presentation

Who is Amitava Chatterjee?

Amitava Chatterjee is currently the Deputy Managing Director at the State Bank of India (SBI) and has previously served as MD & CEO of SBICAPS. With a distinguished career in banking spanning over three decades, Chatterjee has held key roles, including heading SBI’s operations in New Delhi and Jaipur Circles, where he managed high-profile clientele such as PSUs, NBFCs, and DISCOMs. His experience also includes business development, risk management, HR functions, and active participation in industry and government forums.

Chatterjee holds an MBA from ICFAI University Hyderabad and has completed the CAIIB certification from IIBF. Beyond his professional life, he is an avid sports enthusiast, particularly in tennis, football, and cricket.

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Jammu & Kashmir Bank, headquartered in Srinagar, was established in 1938 and operates as a universal bank in Jammu & Kashmir while serving as a specialized bank across the rest of India. The bank has a significant presence in the northern regions, particularly Jammu & Kashmir and Ladakh.

Over the past year, J&K Bank's share price has fallen by 21.7%, while the Sensex has risen by 10%.

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