Did City Union Bank share price really crash 23% in today's trade? Here's what happened
City Union Bank shares plunged over 23% on June 12 due to a 1:3 bonus issue adjustment. Despite the apparent drop, shares rose 8% post-adjustment, reflecting positive investor sentiment. This bonus issue is the bank's first in eight years.
Impacted Stocks
CUB — City Union Bank
▲ Bullish +1.1125%The dramatic 23% drop in City Union Bank's share price is a routine technical adjustment following its 1:3 bonus share issue, meaning shareholders get more shares while the stock price decreases proportionally. Since the stock actually rallied 8% after adjusting for this change, it shows positive underlying buyer demand that could support a minor upward swing over the next few trading sessions as the market settles.
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