Stocks

Syndicate Bank drops over 4%

BL Internet Desk Aug 7 | Updated on August 07, 2018 Published on August 07, 2018

Syndicate Bank Ltd's shares dropped as much as 4.2 per cent to Rs 42.25, their biggest daily percentage fall in nearly three weeks. The stock was the top percentage loser on the Nifty PSU Bank index which is down 0.2 per cent.

The state-run lender had said on Monday that its net loss has widened to Rs 1,281.77 crore during the first quarter ended June of the current fiscal against Rs 263.19 crore in the April-June period of 2017-18. Its income also fell to Rs 5,637.51 crore from Rs 6,171.49 crore.

Due to rise in portion of bad loans, the bank had parked aside a higher provisioning amount for NPAs at Rs 1,774.11 crore in the June quarter, against Rs 1,385.66 crore a year ago. Overall provisioning and contingencies were at Rs 2,326.82 crore, up from Rs 1,333.88 crore.

Nearly 6.5 million shares traded as of 0411 GMT, 1.5 times their 30-day moving average. Up to Monday's close, the stock had fallen 45 per cent this year.

(With inputs from Reuters)

Published on August 07, 2018
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