Federal Bank shares fall after missing Q1 estimates

NEW DELHI: Shares of Federal Bank fell over 3 per cent on Wednesday after the bank failed to meet estimates as provisions for bad loans rose.

Following the development, the stock shed 3.57 to close at Rs 114.80 on BSE. It opened at Rs 119.40 and touched an intraday high and low of Rs 121.45 and Rs 112.50 respectively.

The bank posted a 26 per cent rise in Q1 net profit, but lagged estimates as provisions for bad loans rose.

Net profit advanced to Rs 2.10 for the quarter ended June 30, from Rs 1.67 billion a year earlier.

On the BSE, 68.09 lakh shares had been traded on the counter as compared to a two-week average of 11.10 lakh shares.

The scrip touched its fresh 52-week high of Rs 122.40 on June 16, 2017 and its 52-week low of Rs 61.50 on August 4, 2016.