Federal Bank plunges 10% on weak Q4 results

The stock plunged 10% to Rs 90.65, trading close to its 52-week low of Rs 87.50 touched on February 6, 2018 on the BSE in intra-day trade.

Federal Bank has plunged 10% to Rs 90.65 on the BSE in early morning trade, after the private sector lender reported weak set of numbers with assets quality worsens in March 2018 quarter (Q4FY18). The stock was trading close to its 52-week low of Rs 87.50 touched on February 6, 2018 on the BSE in intra-day trade.

The bank’s net profit during the quarter under review fell by 43.5% to Rs 1.44 billion on higher provisioning for bad loans. It had posted a net profit of Rs 2.56 billion for quarter ended March 2017 (Q4FY17).

Bank has made