IDFC First Bank shares plunge 9%; hit 52-week low

New Delhi: Shares of IDFC First Bank plunged 9 per cent on Monday after the firm posted a 53 per cent decline in its net profit to Rs 339 crore in the December quarter.

The scrip of the company declined 8.85 per cent to finish at Rs 56.76 apiece on the BSE.

On the National Stock Exchange (NSE), it slumped 8.62 per cent to close at Rs 56.90 per piece.

In the intraday session, shares of the company depreciated by more than 9 per cent to Rs 56.46 and Rs 56.43 apiece -- also its 52-week low -- on the BSE and NSE, respectively.

In volume terms, 10.17 crore equity shares of IDFC First Bank were traded on the NSE, and 95.19 lakh shares exchanged hands on the BSE.

The 30-share BSE Sensex plunged by 824.29 points or 1.08 per cent to close at 75,366.17. The broader 50-share Nifty dropped by 263.05 points or 1.14 per cent to close at 22,829.15.

On Saturday, IDFC First Bank reported a 53 per cent decline in net profit at Rs 339 crore for the third quarter ended December 2024 on increased provisions due to higher slippages of loans.

The private sector lender had earned a net profit of Rs 716 crore in the same quarter a year ago.

However, the total income increased to Rs 11,123 crore during the quarter from Rs 9,396 crore in the same period a year ago, IDFC First Bank said in a regulatory filing.

Interest income increased to Rs 9,343 crore from Rs 7,879 crore a year ago, it added.