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 theJammu 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