Federal Bank drops after reducing base rate by 25 basis points

Federal Bank dropped 1% to Rs 133.90 at 10:15 IST on BSE after the bank reduced the applicable base rate by 25 basis points to 9.95% from prevailing rate of 10.2% effective 18 June 2015.

The announcement about reduction in base rate was made before market hours today, 8 June 2015.

Meanwhile, the BSE Sensex was down 130.11 points, or 0.53%, to 26,627.67.

On BSE, so far 7,614 shares were traded in the counter, compared with an average volume of 1.83 lakh shares in the past one quarter.

The stock hit a high of Rs 137.10 and a low of Rs 133.15 so far during the day. The stock hit a record high of Rs 154.20 on 4 March 2015. The stock hit a 52-week low of Rs 110.65 on 13 August 2014.

The stock had outperformed the market over the past one month till 5 June 2015, rising 0.33% compared with 2.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, declining 7.99% as against Sensex's 9.1% fall.

The large-cap private bank has an equity capital of Rs 171.45 crore. Face value per share is Rs 2.

Federal Bank's net profit rose 1.2% to Rs 280.53 crore on 9.8% rise in total income to Rs 2214.28 crore in Q4 March 2015 over Q4 March 2014.

Powered by Capital Market - Live News