India's IDFC First Bank falls on Q2 profit plunge

IDFC First Bank

28/10/2024 07:09

** Shares of IDFC First Bank  IDFB.NS  fall as much as 9.5%
to 59.30 rupees, hitting their lowest in about one-and-a-half
years; last down 1.3%
    ** Lender reports a 73% slump in Sept-qtr net profit due to
higher provisions 
    ** Misses Morgan Stanley's estimates on higher provisions in
microfinance portfolio and a stressed toll account; brokerage
cuts TP by ~17% to 60 rupees
    ** Emkay Global reduces TP by 24% to 65 rupees 
    ** Morgan Stanley says steady asset quality trend in
unsecured loans is among positives 
    ** Busiest session for the stock in seven months; more than
135 mln shares change hands 
    ** Eleven out of 17 analysts cut TP; avg rating at "hold";
median PT 70 rupees - LSEG data
    ** YTD, stock is down ~28%


 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))