Canara Bank falls 4% after it posts Rs 4,859 cr loss in Q4; CLSA cuts target by 18%
Shares of Canara Bank fell over 4 percent in morning trade as investors turned wary of the stock post its Q4 show.
The stock touched an intraday high of Rs 243.45 and an intraday low of Rs 236.15.
The bank on Friday reported a net loss of Rs 4,859.77 crore for the fourth quarter ending March 2018 due to three-fold rise in provisions towards bad loans.
Bad loans surged on account of the Reserve Bank of India’s circular on revised guidelines, divergences in classification of non-performing assets (NPAs) and some pain in the agriculture loans.
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