Shares of Jammu & Kashmir Bank surged 7.4% during Thursday's trading, reaching an intraday high of Rs 105.44 on the BSE. Following Amitava Chatterjee's appointment by the bank's board as Managing Director and CEO for a three-year term beginning on December 30, 2024, the stock increased.

J&K Bank shares were up 4.82 percent at Rs 102.85 a share on the BSE at 11:32 AM. The BSE Sensex, by contrast, was up 0.07 percent at 78,528.01. The company's market capitalization was Rs 11,325.66 crore. The stock's 52-week high was Rs 152.45 per share, and its 52-week low was Rs 88.20 per share.

"Government of Jammu and Kashmir have appointed Mr. Amitava Chatterjee as Government Nominee Director on the Board of Directors of the Bank in place of Mr. Baldev Prakash w.e.f December 30, 2024," according to the filing.

Who is Amitava Chatterjee?

In addition to being the MD and CEO of SBICAPS, Amitava Chatterjee is currently the deputy managing director at State Bank of India (SBI). Chatterjee has a distinguished banking career that has spanned over thirty years in a variety of strategic places.

He has led SBI's operations as CGM for New Delhi Circle and Jaipur Circle, serving affluent customers like PSUs, NBFCs, and DISCOMs. Along with communicating and taking part in numerous industry and governmental forums, he oversaw business development, risk and compliance management, and human resources functions for his former organization.

In addition to passing the IIBF-offered CAIIB, he holds a Master's degree in Business Administration from ICFAI University Hyderabad. In addition to his career goals, he is an avid sports fan who watches cricket, football, and tennis.

With its main office located in Srinagar, Jammu and Kashmir, J&K Bank is a well-known regional bank in India. It was founded in 1938 and functions as a specialized bank in the rest of India and as a universal bank in Jammu & Kashmir. The bank is well-known for having a significant presence in the northern area, especially in the Union Territories of Ladakh and Jammu & Kashmir.

The share price of J&K Bank has dropped 21.7% during the last year, while the Sensex has increased by 10%.