South Indian Bank shares slump over 18% as net profit nosedives in Q1

Shares of South Indian Bank slumped over 18 per cent today after the company reported a sharp drop in net profit for the June quarter.

The stock tumbled 17.15 per cent to close at Rs 18.60 on BSE. During the day, it slumped 18.26 per cent to Rs 18.35 -- its 52-week low.

On NSE, shares of the company tanked 18.22 per cent to end at Rs 18.40.

The company's market valuation also dropped Rs 696.33 crore to Rs 3,365.67 crore.

In terms of equity volume, 62.79 lakh shares of the company were traded on BSE and 7.69 crore shares changed hands on NSE during the day.

Kerala-based South Indian Bank has declared a net profit of Rs 23.04 crore for the first quarter of the financial year 2018-19 as against Rs 101.47 crore during the corresponding period last year.

Percentage of gross NPA (non-performing assets) rose to 4.54 per cent in the June quarter from Rs 3.61 per cent in the year-ago period.