Federal Bank share price falls over 3% on profit booking; stock sees extremely heavy trading volumes

By: | Updated: July 18, 2018 11:58 AM

Federal Bank share price: Share price of the Kochi-headquartered Federal Bank fell more than 3% in the morning deals on Wednesday on profit booking after the shares of the mid-sized lender saw an intraday spike of 21% post-Q1 FY9 results yesterday.

Federal Bank share price on NSE fell 3.34% to a day’s low of Rs 85.35. (Image: Reuters)

Federal Bank share price: Share price of the Kochi-headquartered Federal Bank fell more than 3% in the morning deals on Wednesday on profit booking after the shares of the mid-sized lender saw an intraday spike of 21% post-Q1 FY9 results yesterday. The stock of Federal Bank opened over 2% higher but fell below the previous closing price within minutes of stock market trading. Earlier yesterday, Federal Bank shares price witnessed the biggest spike in more than a year and closed up 19% on both BSE and NSE after the private sector lender reported its Q1 earnings.

Federal Bank share price

Federal Bank share price on NSE fell 3.34% to a day’s low of Rs 85.35 while Federal Bank share price on BSE tumbled 3.28% to a day’s bottom of Rs 85.4 today. Unusually high trading volumes were seen in Federal Bank shares, as at 11:29 am, over 3.44 crore equity shares were exchanged on both NSE and BSE while 3.28 equity shares were traded on NSE alone. Surprisingly, Federal Bank shares saw the biggest spike in more than a year on Tuesday. Yesterday only, Federal Bank share price made a fresh 52-week low of Rs 73.5 on NSE and 73.6 on BSE.

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Notably, today’s trading volumes were highest in at least 3 months. With such massive trading volumes, Federal Bank stock emerged as the second-most traded share on National Stock Exchange (NSE) just behind of Ashok Leyland. Following the staggering trading volumes, more than Rs 2,800 crore worth of trade has been executed in Federal Bank shares on NSE alone, up until 11:30 am.

Federal Bank share price was the third biggest loser among the components of Nifty Bank index after top two losers — PNB and Bank of Baroda. The benchmark Nifty Bank index was trading 0.47% up at 27,136.1 following the uptick in share prices of HDFC Bank, Yes Bank, IndusInd Bank and Kotak Mahindra Bank.

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