J&K Bank shares surge 13% amid record trading volume

Srinagar, Aug 02: J&K Bank experienced an extraordinary day of trading on the stock market, with its shares witnessing a significant surge in both price and volume. The bank's stock price jumped by 13%, reaching a day's high of Rs 123.80 on the Bombay Stock Exchange
(BSE) and Rs 123.70 on the National Stock Exchange (NSE).

The trading day concluded with J&K Bank shares settling at Rs 117.20 on the BSE and Rs 116.95 on the NSE. What stood out even more was the unprecedented trading volume, with approximately 6.20 crore shares changing hands, marking the highest ever trading day volume for the bank.

This remarkable uptick in investor interest appears to be fueled by reports of a "major development" announced by a prominent national news channel. According to the channel, the Central Government has allocated a special fund of Rs 7,900 crores to the
Jammu and Kashmir Union Territory Government. This fund is reportedly intended to assist J&K Bank in settling its balance sheet and clearing various liabilities, including pensions, salaries, and other expenses.

Market observers suggest that this substantial financial support from the government is likely to strengthen J&K Bank's financial position and improve its operational efficiency. The move is expected to instill greater confidence among investors and stakeholders in the bank's future prospects.

The sudden surge in trading activity and share price reflects the market's positive reaction to this news. However, it remains to be seen how this development will impact the bank's long-term performance and financial health.

Investors and analysts will be closely monitoring further details and official announcements regarding this government fund and its implementation in the coming days.