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Why Indian Bank share price fell over 9% today

BusinessToday.In     October 24, 2019

Indian Bank share price fell over 9% intra day today as investors booked profit after the mid cap stock reacted to Q2 earnings of the lender. Indian Bank share price lost up to 9.38% to Rs 129.5 today compared to the previous close of Rs 142.90 on BSE. The scrip was the top loser on BSE.

Indian Bank share price has lost after five sessions of consecutive gains. The lender has lost 40.67% during the last one year and fallen 47% since the beginning of this year.

Indian Bank share price closed over 13 per cent higher on Wednesday after the lender reported over a two-fold rise in net profit for the September quarter.

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The stock rose 13.23 per cent to close at Rs 142.90 on the BSE. During the day, it climbed 17.67 per cent to Rs 148.50. On NSE, the share rose 10.80 per cent to close at Rs 139.95.

Indian Bank reported over 100% rise in net profit at Rs 358.56 crore for the September quarter compared to the net profit of Rs 150.1 crore in the year-ago quarter.

Total income rose to Rs 6,045.32 crore for the September quarter from Rs 5,129.16 crore in the same period last year. Asset quality remained stable with gross non-performing assets (NPAs) rising 7.20 per cent of the advances as on end-September 2019, as against 7.16 per cent by September 2018.

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Provisions and contingencies in Q1 fell 9.4 percent, but increased 14.4 percent on a quarter on quarter basis.

By Aseem Thapliyal

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