South Indian Bank falls as RBI places restrictions on further purchases by FPIs

South Indian Bank fell 0.63% to Rs 23.50 at 12:28 IST on BSE after the Reserve Bank of India placed restrictions on further purchases of shares of the bank by registered foreign portfolio investors.

Meanwhile, the S&P BSE Sensex was up 81.86 points or 0.29% at 28,680.89

On BSE, so far 2.33 lakh shares were traded in the counter as against average daily volume of 2.48 lakh shares in the past two weeks. The stock hit a high of Rs 23.85 and a low of Rs 23.50 so far during the day. The stock had hit a 52-week high of Rs 25.40 on 8 September 2016. The stock had hit a 52-week low of Rs 16.40 on 29 February 2016.

The mid-cap private sector bank has equity capital of Rs 135.06 crore. Face value per share is Re 1.

The Reserve Bank of India on Friday, 16 September 2016 notified that the foreign shareholding by American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRIs)/Foreign Direct Investment (FDIs)/Persons of Indian Origin (PIOs) in South Indian Bank has reached the trigger limit. Hence further purchases of equity shares of the bank would be allowed only after obtaining prior approval of the Reserve Bank of India.

South Indian Bank's net profit rose 45.6% to Rs 95.06 crore on 9.47% growth in total income to Rs 1620.67 crore in Q1 June 2016 over Q1 June 2015.

South Indian Bank is a private sector bank in India.

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