CSB Bank corrects over 25% in six sessions

CSB Bank declined 6.71% to Rs 224.40, sliding for sixth consecutive trading session.

Shares of CSB Bank have tumbled 25.22% since its listing on bourses on 4 December 2019.

The stock listed at Rs 275, a premium of 41.02% over the initial public offer (IPO) price of Rs 195. It ended 53.90% higher at Rs 300.10 on the listing day.

The stock hit its record high of Rs 314.20 on 5 December 2019. It a record low of Rs 238.95 in intraday today.

The IPO of CSB Bank received bids for 100.44 crore shares as against 1.15 crore shares on offer. The issue was subscribed 86.93 times. The issue opened for bidding on 22 November 2019 and closed on 26 November 2019. The price band was fixed at Rs 193 to Rs 195 per share.

CSB Bank reported a net profit of Rs 44.27 crore on a net interest income of Rs 279.52 crore for the six months ended on 30 September 2019.

CSB Bank, formerly known as The Catholic Syrian Bank, is one of the oldest private sector banks in India with a history of over 98 years and a strong base in Kerala along with significant presence in Tamil Nadu, Karnataka, and Maharashtra with an overall customer base of 1.3 million end September 2019. The bank is primarily focused in the states of Kerala and Tamil Nadu.

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