Federal Bank’s Stock Dips 8% in Intra-day Trading Amid Investor Profit Booking; Market Weakness Prevails. Intra-day Trading Sees Federal Bank Shares Slide 8% Amid Profit Booking; Nifty Bank and Nifty Also Slip 0.2%.
The stock plummeted by as much as 7.9 percent to reach an intra-day low of ₹150, marking a 10 percent deviation from its 52-week high of ₹166.65, achieved during the preceding session on February 19. However, it has surged by 24 percent from its 52-week low of ₹120.90, recorded on June 26, 2023.
In the month of February, the stock has already seen a 5 percent increase following a 5.8 percent decline in the previous month. Comparatively, over the past year, it has only gained 28 percent, while Nifty Bank surged by 14 percent and Nifty by 19.6 percent.
In a recent disclosure to stock exchanges, the lender disclosed the allocation of 1,16,541 (One lakh sixteen thousand five hundred and forty-one only) Equity Shares with a face value of Rs. 2/- each of the Bank to the Option Grantees following the exercise of stock options under the ESOS 2017 Scheme on February 19, 2024.
Meanwhile, the stock has garnered attention amidst reports indicating that Kotak Mahindra Bank’s director, KVS Manian, is among the three shortlisted candidates for the CEO position at Federal Bank. Alongside Manian, two internal candidates have been earmarked for the MD and CEO role. The lender is expected to forward these names to the RBI for approval shortly.
Federal Bank Reports Strong Performance in December Quarter: Net Profit Surges 25.24% YoY to ₹1,007 Crore, NII Up 8.48% YoY to ₹2,123 Crore
Federal Bank’s Gross NPA at ₹4,628.79 Crore, Represents 2.29% of Gross Advances as of Q3FY23; Net NPA at ₹1,284.37 Crore, 0.64% of Net Advances as of December 31.
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