Federal Bank Slipped As Much As 11.5 Percent In The First 15 Minutes Of Trade On Thursday

Federal Bank slipped as much as 11.5 percent in the first 15-minutes of trade on Thursday, a day after it reported 43.5 percent year-on-year drop in net profit at Rs 145 crore for the March quarter because of an increase in provisions and worsening asset quality.

Net profit in the same quarter last year had shot up 2,400 percent to Rs 256.6 crore due to substantially lower provisions and reduction in non-performing assets.

Despite a fall in net profit, some of the brokerage firms remain positive on the stock and maintain their buy rating. However, some of them have reduced their target price post Q4 results.

For more information ✆ +91 9111-179961 or Visit Dollar Advisory