Shares of Syndicate Bank plunged 9 per cent today after the company reported 38 per cent decline in net profit for the first quarter of the fiscal.
The stock tumbled 9.03 per cent to Rs 90.15 at close on BSE. During the day, it declined by 9.98 per cent to Rs 89.20 — its 52-week low.
At the NSE, the scrip fell sharply by 9 per cent to settle at Rs 90.
The company’s market value went down by Rs 592.54 crore to Rs 5,968.46 crore.
On the volume front, 15.97 lakh shares of the company changed hands at BSE and over one crore shares were traded at the NSE during the day.
Public sector Syndicate Bank today reported a 38 per cent decline in net profit at Rs 301.98 crore in the first quarter of current fiscal.
The bank had a net profit of Rs 485.42 crore in the April-June quarter of 2014-15 fiscal.
Total income increased to Rs 6,323.42 crore during the June quarter, from Rs 5,523 crore in the same period a year ago, Syndicate Bank said in a BSE filing.
Gross Non-Performing Assets (NPA) of the bank rose to 3.72 per cent during the quarter, from 2.97 per cent in the same period a year ago.