DBS CEO Piyush Gupta sells S$12.6 million worth of shares as DBS hits all-time high

DBS’ shares have shot past the S$40 mark in a rally; other major banks’ shares have also rallied amid bright Q3 earnings results

OUTGOING DBS chief executive officer Piyush Gupta sold lots of his DBS shares on Nov 7 and 8, amid a bank rally that sent DBS shares past the S$40 mark.

In a bourse filing on Monday (Nov 11), the bank disclosed that he sold 300,000 shares over those two days – 100,000 shares at S$41.7513 a share on Nov 7, and 200,000 shares at S$42.2023 a share the following day.

The two transactions netted Gupta S$12.6 million, and reduced his current holdings to 1.9 million DBS shares from 2.2 million shares before.

His transactions come as Singapore banking stocks rallied after consensus-beating performances for the third quarter of 2024. DBS, UOB and OCBC shares continued to rally on Monday, hitting new all-time highs at the close of trading.

DBS closed up 0.8 per cent or S$0.35 to S$42.75, OCBC closed up 1.6 per cent or S$0.26 to S$16.32, while UOB was the top gainer on the Straits Times Index, up 2.7 per cent or S$0.96 to S$36.65.