Equitas Small Finance Bank fell 3.58% to Rs 61.86, extending recent steep losses.
Shares of Equitas Small Finance Bank have corrected 17.49% in four consecutive sessions.The stock hit a 52-week high of Rs 77.87 on 6 March 2023. The stock hit a 52-week low of Rs 37.50 on 17 June 2022.
The stock outperformed the market over the past one month, rising 4.33% compared with 5.11% fall in the Sensex.
The scrip outperformed the market in past one quarter, climbing 1.32% as against Sensex's 7.60% fall.
The scrip outperformed the market in past one year, jumping 16.38% as against Sensex's 2.53% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 42.88. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
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On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 60.64, 57.21 and 50.74, respectively.
The recent selloff was triggered post listing of fresh 78.95 crore shares of the bank on 10 March 2023, following its amalgamation with Equitas Holdings.
Equitas Small Finance Bank amalgamated with its parent firm, Equitas Holdings. Following the merger, 78,95,35,166 new equity shares of Equitas Small Finance Bank were listed and permitted for trading on the exchange, effective from Friday, 10 March 2023.
Further, 93,39,43,363 equity shares of the bank held by Equitas Holdings (erstwhile promoter) stood extinguished with effect from 3 March 2023.
The paid up share capital of the bank after the afore stated extinguishment and allotment of shares is Rs 11,10,29,84,850 (comprising of 111,02,98,485 equity shares of Rs 10 each). The new equity shares issued shall rank pari- passu with the existing equity shares.
Equitas Small Finance Bank offers products and services to meet the needs of individuals with limited access to formal financing channels, as well as affluent and mass affluent, small & medium enterprises (SMEs) and corporates.
The bank's net profit surged 57.4% to Rs 170.13 crore on 17.5% rise in total income to Rs 1,216.03 crore in Q3 FY23 over Q3 FY22.
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