Garima Bikas Banks disregards rumors of merger; says the article that suggested the same is baseless

Garima Bikas Bank (GBBL) has released a statement addressing the rumors of merger that had been going around since the past two days.

In the statement, the development bank has made it clear that it is not in the process of merger with NMB Bank or any financial institution. Artha Sarokar, online news portal had published an article regarding the same which has been termed baseless by the development bank.

The rumor has adversely affected the share prices of the development bank which surged from Rs.176 per share (LTP of 18th December) to Rs.203 per share (LTP of 23rd December).