Canara Bank declines after cutting base rate

Canara Bank fell 0.87% to Rs 283.35 at 9:46 IST on BSE after the bank said its board of directors approved reduction in the base rate of the bank by 10 basis points to 9.9% from 10% earlier for loans/advances effective from 3 September 2015.

The announcement was made after market hours yesterday, 31 August 2015.

Meanwhile, the S&P BSE Sensex was down 146.68 points or 0.56% at 26,136.41.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 2.83 lakh shares in the past one quarter.

The stock hit a high of Rs 284 and a low of Rs 280.10 so far during the day. The stock had hit a 52-week high of Rs 478.40 on 28 January 2015. The stock had hit a 52-week low of Rs 254.30 on 29 July 2015.

The stock had outperformed the market over the past one month till 31 August 2015, advancing 3.48% compared with Sensex's 6.51% fall. The scrip had, however, underperformed the market in past one quarter, declining 16.7% as against Sensex's 5.55% fall.

The large-cap PSU bank has equity capital of Rs 515.20 crore. Face value per share is Rs 10.

Canara Bank's net profit dropped 40.7% to Rs 478.84 crore on 4.5% rise in total income to Rs 12252.64 crore in Q1 June 2015 over Q1 June 2014.

The Government of India holds 64.48% stake in the Canara Bank (as per the shareholding pattern as on 30 June 2015).

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