Dhanlaxmi Bank shares skyrocketed 12% on 3 October after the bank posted a strong quarterly report for the July-September quarter.

The lender’s total deposit increased by 8.2% YoY to Rs 13,789 crore from the Rs 12,748 crore reported in the year-ago quarter.

The gross advances grew by 13.2% YoYY to Rs 10,312 crore against the Rs 9,109 crore reported in the same quarter of the previous fiscal.

The Q2FY24 quarterly report triggered a sparking hope of strong earnings, causing the share to rally.

A total of one crore shares changed hands by early afternoon, which is significantly higher than the one-week daily traded average of 22 lakh shares.

The stock has given a return of nearly 170% in the last one year, making it a multi-bagger.

Moreover, the stock was caught under controversy when independent director Sridhar Kalyanasundaram resigned from his position and raised concerns regarding the unethical conduct of the bank’s operations and internal factionalism among its board members.

At 3:30 pm, the shares of Dhanlaxmi Bank closed at Rs 32.20 or 10.46% above its previous close of Rs 29.15 on NSE.