Federal Bank declines after cutting base rate

Federal Bank declined 0.26% to Rs 56.80 at 10:30 IST on BSE after the bank said that it has decided to reduce its base rate to 9.63% per annum from 9.95% per annum with effect from 1 December 2015.

The bank made announcement after market hours yesterday, 23 November 2015.

Meanwhile, the BSE Sensex was up 44.87 points, or 0.17%, to 25,864.21.

On BSE, so far 22,939 shares were traded in the counter, compared with an average volume of 5.91 lakh shares in the past one quarter.

The stock hit a high of Rs 57.40 and low of Rs 56.70 so far during the day. The stock hit a record high of Rs 79.73 on 3 July 2015. The stock hit a 52-week low of Rs 52.45 on 2 November 2015.

The stock had outperformed the market over the past one month till 23 November 2015, declining 0.18% compared with 6.01% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 14.87% as against Sensex's 5.65% fall.

The large-cap private sector bank has an equity capital of Rs 343.56 crore. Face value per share is Rs 2.

Federal Bank's net profit fell 32.9% to Rs 161.28 crore on 0.9% rise in total income to Rs 2084.53 crore in Q2 September 2015 over Q2 September 2014.

Federal Bank is one of the leading private sector bank in India.

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