Shares of the Federal Bank Ltd. plunged nearly 6% to the lowest in over a month after it stopped issuance of new co-branded credit cards.
The bank said it would seek regulatory clearance prior to the resumption of new issuance. It will continue to service existing customers holding co-branded credit cards issued by the bank, according to an exchange filing on Wednesday.
The stock fell for the fifth consecutive session and has lost 7.63% during the period so far.
On the NSE, Federal Bank's stock fell as much as 5.96% during the day to Rs 139.65 piece, the lowest since Jan. 24. It was trading 3% lower at Rs 144 per share, compared to a flat benchmark NSE Nifty 50 as of 9:39 a.m.
The share price has risen 8.92% in the last 12 months. The total traded volume so far in the day stood at 0.39 times its 30-day average. The relative strength index was at 37.12.
Out of 41 analysts tracking the company, 33 maintain a 'buy' rating on the stock, seven recommend 'hold' and one suggests 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential The average 12-month consensus price target implies an upside of 23.5%.
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