Stocks of Karnataka Bank plunged nearly 9 per cent today as the company reported 10 per cent decline in net profit for the April-June quarter of the current fiscal.
The scrip of the private sector bank tumbled 8.74 per cent to end at Rs 140.40 on the BSE. During the day, it dipped 9.42 per cent to Rs 139.35.
At the NSE, shares of Karnataka Bank fell sharply by 8.77 per cent to Rs 140.30 at close.
The company's market capitalisation went down by Rs 253.17 crore to Rs 2,645.83 crore.
Private sector lender Karnataka Bank on Friday reported 10 per cent decline in net profit at Rs 109.34 crore for the April-June quarter of the current fiscal.
It had posted Rs 121.63 crore net profit in the first quarter of 2014-15.
However, the total income of the bank has increased to Rs 1,348.17 crore during the April-June quarter of the current fiscal, from Rs 1,254.24 crore in the same period of last fiscal, Karnataka Bank had said in a filing to the BSE.
Gross non-performing assets (NPAs), as a proportion of advances, decreased to 3.26 per cent in the first quarter, as against 3.43 per cent in the same period of previous fiscal.
Net NPAs also declined to 2.05 per cent from 2.37 per cent at the end of June, 2014.
