India's City Union Bank tumbles after RBI finds divergence in bad loans

City Union Bank

21/12/2022 05:01

** Private lender City Union Bank's shares  CTBK.NS  drop as
much as 8.9% to 172 rupees, their biggest intraday pct fall
since August 2020
    ** Stock hits lowest since Oct 7
    ** The Reserve Bank of India found divergence in the bank's
gross bad loans amounting to 2.59 bln rupees ($31.32 mln) after
an on-site inspection, CTBK said late Tuesday
    ** The lender says adjusted profit after taking into account
divergence in provisioning for bad loans is 7.19 bln rupees, vs
7.6 bln rupees reported earlier
    ** About 10 mln shares change hands by 10:05 a.m. IST,
nearly thrice the 30-day avg of 3.4 mln shares
    ** Trading volume on the stock is most since Nov 7, when
over 10.13 mln shares changed hands
    ** Stock up 33.5% YTD, as of last close
($1 = 82.6975 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))