Shares of South Indian Bank plunged 7 per cent to Rs 27.25 per share on the BSE in Tuesday’s intraday trade, after the lender shared its March quarter business update post market hours on Monday. 

At 11:15 AM, the shares were off lows, down 3.6 per cent, at Rs 28.28 per share as against 0.21 per cent dip in the benchmark S&P BSE Sensex. Approximately, 63.53 million shares have already changed hands on the NSE and BSE till the time of writing of this report. 

In its quarterly business update, SIB said its gross advances during the March quarter (Q4FY24) increased 11.44 per cent year-on-year (Y-o-Y) to Rs 80,337 crore, while total deposits rose 11.21 per cent to Rs 1.01 trillion.

Casa (current account-savings account) deposits, meanwhile, advanced by 8 per cent on year to Rs 32,654 crore. Casa ratio, however, slipped 94 basis points. 

South Indian Bank shares hit a 52-week high of Rs 36.91 on February 2, 2024, and a 52-week low of Rs 13.51 on April 3, 2023. During the previous financial year, shares of the lender surged 103 per cent as against around 30 per cent growth in the benchmark Sensex index. 

Last month, the Reserve Bank of India had asked South Indian Bank to not enroll new customers for its co-branded products till regulatory requirements are complied with.

First Published: Apr 02 2024 | 11:34 AM IST

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