India's AU Small Finance Bank set for worst day in 29 months on profit drop

AU Small Finance Bank

29/01/2024 08:45

** AU Small Finance Bank  AUFI.NS  slides ~11% to below key
averages, in heavy volumes
    ** Stock set for biggest one-day drop since late-Aug 2021
and is only laggard on 12-member Nifty Bank index  .NSEBANK ,
which is up 1.4%
    ** In Q3, lender posts first drop in profit in two years
    ** 8 of 13 analysts cuts their rating on AUFI, per LSEG
data, saying stock's falling ROA makes it expensive vs peers
    ** AUFI's fwd 12-month PE of 22.8 is 2nd highest on banks
index
    ** About 17.5 mln shares traded, busiest session in 9 months
    ** Stock's trading range is below its 50-, 100- and 200-day
daily moving avgs for first time in two-and-a-half months
    ** AU now down ~20% YTD, over 3x the drop in banks index

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))