Jammu & Kashmir Bank falls 9%

India Infoline News Service | Mumbai | October 14, 2016 16:22 IST

The bank was looking to “deep clean” its balancesheet and aimed to take its provision coverage ratio (PCR) to about 90% over the next six quarters, from 50% currently, Parvez Ahmed said.

Jammu and Kashmir Bank Ltd ended at Rs 68, down by Rs 6.8 or 9.09% from its previous closing of Rs 74.8 on the BSE. Parvez Ahmed, Chairman and Chief Executive, told investors in a conference call on Thursday that the bank was looking to “deep clean” its balancesheet and aimed to take its provision coverage ratio (PCR) to about 90% over the next six quarters, from 50% currently. PCR is the amount of money a bank has kept aside for potentially bad loans.

The scrip opened at Rs 72.8 and touched a high and low of Rs 72.8 and Rs 67.5 respectively. A total of 8472406 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3626.14 crore.

The BSE group 'A' stock of face value Rs 1 touched a 52 week high of Rs 92.5 on 16-Oct-2015 and a 52 week low of Rs 56.45 on 03-Jun-2016. Last one week high and low of the scrip stood at Rs 90 and Rs 71.1 respectively.

The promoters holding in the company stood at 53.17 % while Institutions and Non-Institutions held 25.58 % and 21.25 % respectively.

The stock traded below its 50 DMA.

***Note: This is a NSE Chart

 

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