Bandhan Bank hits 52-week low; slides 13% in ten days

Bandhan Bank fell 0.49% to Rs 204.75, extending its losing run for the tenth consecutive trading session.

Shares of the private sector bank slipped 12.87% in ten trading sessions from its previous closing high of Rs 235 on 1 March 2023. The stock hit its 52-week low of Rs 197.80 today. The counter has slumped 41.42% from its 52-week high of Rs 349.50 hit on 17 May 2022.

On the BSE, 2.69 lakh shares were traded in the counter so far compared with average daily volumes of 3.81 shares in the past two weeks.

The stock had underperformed the market over the past one month, declining 15.41% compared with 6.08% fall in the Sensex.

The scrip underperformed the market in past one quarter, falling 17.21% as against Sensex's 6.11% decline.

The counter had also underperformed the market in past one year, sliding 30.43% as against 1.36% rise in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 23.114. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading below its 50, 100 and 200 days simple moving average (SMA) placed at 234.81, 235.69 and 259.91 respectively. These levels will act as crucial resistance zones in near term.

Bandhan Bank operates as a commercial bank. The banking outlets as on 31 December 2022, stood at 5,723. The network consists of 1,250 branches, 4,473 banking units as against 1,176 branches and 4,450 banking units as on December 31, 2021.

The private lender's net profit tumbled 66.17% to Rs 290.57 crore in Q3 FY23 as against Rs 858.97 crore recorded in Q3 FY22. Total income grew 17.56% YoY to Rs 4,840.94 crore in the quarter ended 31 December 2022.

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