MUMBAI, May 2: Shares of Federal Bank today plunged nearly 5 per cent after the private sector lender reported a 96 per cent decline in net profit for the March quarter.
The stock tanked 4.79 per cent to Rs 43.65 on NSE.
At BSE, it slipped 4.78 per cent to Rs 43.75.
Federal Bank on Saturday reported a 96 per cent decline in net profit to Rs 10.26 crore for the fourth quarter ended March 31, due to higher provisioning.
The company had posted a net profit of Rs 280.53 crore in the year ago period.
Total income during January-March rose to Rs 2,253.38 crore from Rs 2,214.28 crore in the year ago period, the firm had said in a regulatory filing on Saturday.
As per the company’s balance sheet its provisions rose to Rs 388.64 crore in January-march from Rs 39.78 crore in the same period of the 2014-15 fiscal.
For the full fiscal, profit sharply declined to Rs 486.42 crore from Rs 1,057.81 crore in 2014-15. (PTI)
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