Federal Bank share price falls 8% amid overall weak market environment
Federal Bank shed 8 percent in intra-day deals on Tuesday as investors booked profit in the lender amid an overall weak market environment. Both Nifty Bank as well as Nifty also lost 0.2 percent in intra-day deals today. The stock fell as much as 7.9 percent to its intra-day low of ₹150.
It is now 10 percent away from its 52-week high of ₹166.65, hit in the previous session (February 19). Meanwhile, it has advanced 24 percent from its 52-week low of ₹120.90, hit on June 26, 2023. The stock has already jumped 5 percent in February so far after a 5.8 percent decline in the previous month.
Meanwhile, in the last 1 year, it has gained just 28 percent versus a 14 percent rise in Nifty Bank and 19.6 percent in Nifty. In a recent filing to bourses, the lender announced the allotment of 1,16,541 (One lakh sixteen thousand five hundred and forty-one only) Equity Shares with face value of Rs. 2/- each of the Bank to the Option Grantees upon exercise of stock options under ESOS 2017 Scheme on February 19, 2024.
Meanwhile, the stock has also been in focus amid reports that Kotak Mahindra Bank's director KVS Manian is reportedly among the three names who have been shortlisted for Federal Bank's CEO job. Apart from Manian, two internal candidates have been identified for the MD and CEO role. The lender will be submitting the names to the RBI soon.
In the December quarter, the lender posted a 25.24 percent year-on-year (YoY) rise in its net profit at ₹1,007 crore versus ₹804 crore in the same quarter last year. Meanwhile, its Net interest income (NII) for the quarter came in at ₹2,123 crore, up 8.48 percent YoY over ₹1,957 crore in the corresponding quarter last year. Other income also surged 61.61 percent to ₹863 crore against ₹534
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