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Shares of Federal Bank slumped nearly 7 per cent on Monday after it reported 35.8 per cent fall in net profit for the first quarter of 2015—16.
The stock tumbled 6.72 per cent to end the session at Rs 70.75 on the BSE. During the day, it had slipped 9.69 per cent to Rs 68.50.
On the NSE, it dipped 6.72 per cent to close at Rs 70.70.
“Federal Bank reported an under—expected result,” said Achin Goel, Head Wealth Management & Financial Planning, Bonanza Portfolio Ltd.
Federal Bank on Saturday reported 35.8 per cent fall in its net profit at Rs 141.39 crore for the first quarter of 2015—16. Its net profit was Rs 220.23 crore in the same quarter of last fiscal.
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