IDFC First Bank shares plunge 13% after Q4 loss

| Updated on May 13, 2019 Published on May 13, 2019


Shares of IDFC First Bank fell nearly 13 per cent on Monday after the private sector lender registered a fourth quarter net loss of ₹218 crore.

The bank’s scrip plunged 12.79 per cent on the BSE and closed at ₹42.95 apiece. IDFC First Bank was set up by the merger of Capital First and IDFC Bank in December 2018.

In a late night release on May 10, the bank had attributed the fourth quarter loss to provisions of ₹419.46 crore made on three exposures of ₹2,794 crore that are performing satisfactorily on its books.

But, this was the second consecutive quarter for which it posted a net loss. Even for the full financial year 2018-19, the lender posted a net loss of ₹1,944 crore, compared to a net profit of ₹859.3 crore.

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Published on May 13, 2019
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