South Indian Bank's stock dives 7% as lender shares Q4 business update. Details here

Shares of South Indian Bank Ltd fell sharply in Tuesday's trade after the Thrissur-based lender announced its business update for the March quarter (Q4 FY24). The stock cracked 7.09 per cent to hit a day low of Rs 27.25.

The bank said its provisional gross advances rose 3.41 per cent to Rs 80,337 crore in Q4 FY24, from Rs 77,686 crore in the previous quarter. Advances rose 11.44 per cent (YoY) from Rs 72,092 crore in Q4 of the last fiscal.

The current account savings account (CASA) of the bank climbed 8 per cent to Rs 32,654 crore from Rs 31,529 crore in the previous quarter. The CASA ratio, an indicator of a bank's liquidity position, rose marginally to 32 per cent from 31.8 per cent on a sequential basis.

Although, CASA ratio slipped 94 basis points from 32.98 per cent in the year-ago period.

"The stock has strong support at Rs 26.4. A daily close above resistance of Rs 30.65 could lead to an upside target of Rs 36 in the near term," said AR Ramachandran from Tips2trades.