Shares of RBL Bank added 1.5 percent in early trade on September 24 after brokerage house Citi upgraded the rating of the scrip to buy from neutral.
Citi has cut target price to Rs 480 from Rs 550 per share, also lower FY21/22 earnings by 4 percent /7 percent as we build in slower growth.
The price reflects stressed case valuation of 2x FY21e adjusted PB versus 2.9x before correction, it added.
It believes that the capital raised will be key to watch, while the CASA traction stays strong.
At 0924 hrs, RBL Bank was quoting at Rs 399.00, up Rs 0.10, or 0.03 percent on the BSE.
The share touched its 52-week high of Rs 716.55 and its 52-week low of Rs 291.90 on May 28, 2019, and August 28, 2019, respectively.
Currently, it is trading 44.32 percent below its 52-week high and 36.69 percent above its 52-week low.
The scrip wiped of 35 percent in the last 3 months.
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