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Business News/ Markets / Stock Markets/  Federal Bank share price falls 8% amid overall weak market environment
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Federal Bank share price falls 8% amid overall weak market environment

Shares of Federal Bank shed 8 percent in intra-day deals on Tuesday as investors booked profit in the lender amid an overall weak market environment. Both Nifty Bank as well as Nifty also lost 0.2 percent in intra-day deals today.

Shares of Federal Bank shed 8 percent in intra-day deals on Tuesday as investors booked profit in the lender amid an overall weak market environment. Both Nifty Bank as well as Nifty also lost 0.2 percent in intra-day deals today.Premium
Shares of Federal Bank shed 8 percent in intra-day deals on Tuesday as investors booked profit in the lender amid an overall weak market environment. Both Nifty Bank as well as Nifty also lost 0.2 percent in intra-day deals today.

Shares of private sector lender Federal Bank shed 8 percent in intra-day deals on Tuesday as investors booked profit in the lender amid an overall weak market environment. Both Nifty Bank as well as Nifty also lost 0.2 percent in intra-day deals today. 

The stock fell as much as 7.9 percent to its intra-day low of 150. It is now 10 percent away from its 52-week high of 166.65, hit in the previous session (February 19). Meanwhile, it has advanced 24 percent from its 52-week low of 120.90, hit on June 26, 2023.

The stock has already jumped 5 percent in February so far after a 5.8 percent decline in the previous month. Meanwhile, in the last 1 year, it has gained just 28 percent versus a 14 percent rise in Nifty Bank and 19.6 percent in Nifty.

Read here: Whirlpool of India share price falls 5% on promotor stake sale

In a recent filing to bourses, the lender announced the allotment of 1,16,541 (One lakh sixteen thousand five hundred and forty-one only) Equity Shares with face value of Rs. 2/- each of the Bank to the Option Grantees upon exercise of stock options under ESOS 2017 Scheme on February 19, 2024.

Meanwhile, the stock has also been in focus amid reports that Kotak Mahindra Bank's director KVS Manian is reportedly among the three names who have been shortlisted for Federal Bank's CEO job. Apart from Manian, two internal candidates have been identified for the MD and CEO role. The lender will be submitting the names to the RBI soon.

Read here: Day trading guide for stock market today: Nine stocks to buy or sell on Tuesday

In the December quarter, the lender posted a 25.24 percent year-on-year (YoY) rise in its net profit at 1,007 crore versus 804 crore in the same quarter last year. Meanwhile, its Net interest income (NII) for the quarter came in at 2,123 crore, up 8.48 percent YoY over 1,957 crore in the corresponding quarter last year. Other income also surged 61.61 percent to 863 crore against 534 crore YoY.

The Gross NPA of the bank as at the end of Q3FY23 stood at 4,628.79 crore, which as a percentage to gross advances stood at 2.29 percent. The net NPA and net NPA as a percentage to net advances as on December 31 stood at 1,284.37 crore and 0.64 percent, respectively.

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Published: 20 Feb 2024, 09:40 AM IST
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