Stocks

IDFC First Bank shares plunge 13% after Q4 loss

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

PO16_Going_down_arrow.jpg

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on May 13, 2019
This article is closed for comments.
Please Email the Editor