scorecardresearchKarnataka Bank slumps over 5% as lender reports drop in loan book in Q4

Karnataka Bank slumps over 5% as lender reports drop in loan book in Q4

Updated: 03 Apr 2023, 12:58 PM IST
TL;DR.

  • On the technical front, in Monday's intraday trade, the stock hit a low of 128.10 and high of 132.85.

 Karnataka Bank : Over the last three months, the stock has lost nearly 18%.

Karnataka Bank : Over the last three months, the stock has lost nearly 18%.

Shares of Karnataka Bank Ltd slumped over 5% on Monday after the lender reported a sequential fall in its loan book for Q4 of FY23.

The bank released its Q4 FY23 business update on Saturday. According to an exchange filing, for the quarter ended March, the bank's gross advances dropped 3.7% sequentially to 61, 326.42 crore, from 63,673.34, and rose 6.16% on year.

For the three months ending March 31, 2023, Karnataka Bank recorded an increase in its Current Account Saving Account (CASA) of 8.71% on year. Deposits held by the bank as a whole increased by 8.69% year-on-year to 87,362.56 crore.

On the technical front, in Monday's intraday trade, the stock hit a low of 128.10 and high of 132.85. Over the last three months, the stock has lost nearly 18%.

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Karnataka Bank stock trend

According to analysts, the stock is in a downtrend and may slip further towards 120. 142 is immediate resistance.

According to MintGenie poll, one analyst recommends 'strong buy' for the stock.

 

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First Published: 03 Apr 2023, 12:58 PM IST