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Federal Bank shares fell the most in 2-1/2 years on Q4 profit. The stock dropped as much as 10.8 per cent to Rs 90.25, posting its biggest intraday percentage fall since October 2015. The stock was the top percentage loser on the Nifty Bank index.
The company had on Wednesday reported a March-quarter net profit of Rs 145 crore ($21.53 million) after market hours on Wednesday, well short of analysts' estimates of Rs 287 crore, according to Eikon data.
Deutsche Bank has cut the price target to Rs 120 from Rs 130; it has retained “buy” rating. Overall Q4 results were weak and disappointing, but asset quality pain is now behind and steady growth should result in steady NIMs and profitability, it said.
Of 28 brokerages covering the stock, 24 have a “buy” rating or higher, two “hold” and two on “sell”; their median price target is Rs 130.
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