South Indian Bank shares plunge over 5%

South Indian Bank's shares dropped 5% after reporting a 14% decline in net profit for the March quarter to Rs 287.56 crore, due to increased expenditure. The stock closed at Rs 29.20 on BSE, with a market valuation loss of Rs 410.7 crore. Over 144 lakh shares were traded on BSE and 856 lakh on NSE.

Shares of South Indian Bank on Thursday tanked more than 5 per cent after the company reported a 13.88 per cent decline in March quarter net profit to Rs 287.56 crore.

The stock declined 5.10 per cent to settle at Rs 29.20 apiece on the BSE. During the day, it tumbled 6.88 per cent to Rs 28.65.

On the NSE, it went lower by 5 per cent to Rs 29.20 per share.

The company's market valuation declined by Rs 410.7 crore to Rs 7,638.50 crore.

In volume terms, 144.03 lakh shares of the company were traded on the BSE and over 856.36 lakh shares exchanged hands on the NSE during the day.

The private sector bank posted a net profit of Rs 333.89 crore in the January-March period of the 2022-23 fiscal year.

Total expenditure increased to Rs 2,187 crore in the March quarter from Rs 1,757 crore in the same period a year ago, South Indian Bank said in a regulatory filing on Thursday.

The bank's total income rose to Rs 2,621 crore in the fourth quarter of 2023-24, from Rs 2,318 crore in the year-ago period.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)