Shares of Karur Vysya Bank
were down by 20% and hit lower circuit on Thursday in the morning trade as bad loans spiked in Q3FY19. The bank posted a 70% decline in its net profit at Rs21.20cr for October-December quarter of FY19. The bank had clocked a profit of Rs71.49cr in the year-ago period.
Gross NPAs spiked to 8.49% of gross advances as at December-end 2018 from 5.94% by December 2017. Net NPAs rose to 4.99% from 3.88% on qoq basis.
Karur Vysya Bank Ltd is currently trading at Rs64.80 down by Rs14.45 or 18.23% from its previous closing of Rs79.25 on the BSE. The scrip opened at Rs70 and has touched a high and low of Rs70 and Rs63.40 respectively.