The shares of IDFC First Bank bounced back on Tuesday, January 28 after witnessing a major decline on trade session on Monday.
IDFC Shares Bounce Back After RBI's Booster Dose
The bank shares rose by over 3 per cent in the intraday trade. This is largely in tune with larger market sentiments, which has seen a revival after the RBI decision.
The Indian equity markets surged after the country's central bank announced Rs 60,000 crore OMO or open market operations, purchase auctions of government securities.
This operation would be carried out in three different tranches, with Rs 20,000 crore in each of the tranches.
This is being done to inject liquidity into the market.
The decision from RBI has resulted in a surge of the value of banking shares. IDFC First Bank also appears to have benefited from this.
Monday's Slump
Earlier, on Monday, the shares of the bank on IDFC First Bank slumped significantly.
The shares declined by over 7 per cent in the intraday trade on Monday. This came to pass after the company reported to significant decline in its net profit. The profits for the third quarter or Q3 declined by over 50 per cent.
The bank reported a net profit of Rs 340 crore. This number was higher than the previous quarter's Rs 211 crore.
In Q3 of FY24, IDFC First managed to accrue a net profit of Rs 732 crore.
Stock Prices Rise
When we look at the company shares on Tuesday, the shares opened at Rs 57.80, higher than the previous day's Rs 56.73.
The bank's shares surged by 3.95 per cent or Rs 2.24 per piece. As a result of this spike at Dalal Street, the company shares surged to Rs 58.97 per share. The IDFC First Bank's 52-week high stood at Rs 86.10, compared to its 52-week low of Rs 56.43 per share.
