South Indian Bank share price fell in trade today after India Ratings revised rating of debt instruments of the bank. Share price of South Indian Bank lost 1.85% to Rs 10.54 compared to the previous close of Rs 10.76 on BSE. South Indian Bank stock has lost 3.27% in four days.
The small cap stock has fallen 30% during last one year and lost 31% since the beginning of this year.
The ratings agency has lowered the ratings of lower tier two bonds and tier two bonds worth Rs 1,490 crore from stable to negative. The rating revision reflects a higher proportion of stressed assets to net worth, subdued profitability along with lower provision coverage compared to peer banks, thereby increasing the importance of raising tier 1 capital in the medium term, India Ratings said.
The share hit its 52-week high of Rs 18.55 on April 8, 2019 and 52-week low of Rs 8.50 on October 15, 2019.