Shares of Federal Bank slumped nearly 12 per cent today after the company reported a fall of 43.5 per cent in standalone net profit in the quarter ended March 2018.
The stock dived 11.57 per cent to close at Rs 89.45 on BSE. During the day, it declined 12.80 per cent to Rs 88.20.
On NSE, shares of the company slumped 11.46 per cent to close at Rs 89.55.
The company's market valuation fell by Rs 2,310.3 crore to Rs 17,637.70 crore.
In terms of equity volume, 116.10 lakh shares of the company were traded on BSE and over 12 crore shares changed hands on NSE during the day.
The company's results were announced post market hours yesterday.
Also Read
The private sector lender reported a fall of 43.5 per cent in standalone net profit at Rs 144.99 crore in the quarter ended March 31, on higher provisioning for bad loans.
The bank had made a net profit of Rs 256.59 crore in the same period of 2016-17.
Total income during the quarter stood at Rs 2,862.14 crore against Rs 2,598.06 crore in the same period of 2016-17, the bank said in a regulatory filing.
Provisioning for bad loans and contingencies were raised to Rs 371.53 crore for the reported quarter as against Rs 122.70 crore parked aside for the same purpose in the year-ago period.
Bank's bad loans grew as the gross non-performing assets (NPAs) rose to 3 per cent of the gross loans (Rs 2,795.62 crore) as on March 31, 2018 compared with 2.33 per cent (Rs 1,727.05 crore) at end-March 2017.
Disclaimer: No Business Standard Journalist was involved in creation of this content