Bank of Baroda shares drop following RBI directive to halt app customer onboarding

Bank of Baroda’s shares experienced a 4% fall to Rs 206.3 per piece on Wednesday, following a directive from the Reserve Bank of India (RBI) to cease further customer on-boarding on its mobile banking app. The bank’s market capitalization dropped to 1.07 lakh crore, with a total turnover of Rs 14.19 crore for the day.

Despite the bank’s stock displaying high volatility with a one-year beta value of 1.5 and a Relative Strength Index (RSI) of 56.9, it has shown considerable growth over the past year. The bank’s stock has risen by 62% over the past year and by 12% since the start of this year, trading below short-term but above long-term moving averages.

In response to the RBI directive, Bank of Baroda released a statement on Tuesday, indicating that it has begun implementing corrective measures and is focusing on strengthening related processes. The bank reassured its approximately 3 crore active users, from a total of 5.3 crore downloads on the bob World mobile app, that they would continue to receive uninterrupted services.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.