South Indian Bank share price declines on rating revision

South Indian Bank

South Indian Bank share price shed more than 1 percent in the morning trade on December 10 after India Ratings and Research revised the company’s rating.

India Ratings gave IND A+ rating with a negative outlook on the company’s Lower Tier II bonds and Tier II bonds (Basel III compliant) of Rs 1,490 crore.

The rating revision reflects a higher proportion of stressed assets to net worth, subdued profitability along with lower provision coverage compared to peer banks, thereby increasing the importance of raising tier 1 capital in the medium term.

At 1118 hours, South Indian Bank was quoting at Rs 10.62, down Rs 0.14, or 1.30 percent, on the BSE.

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The share touched its 52-week high of Rs 18.55 on April 8, 2019 and 52-week low of Rs 8.50 on October 15, 2019.

It is trading 42.37 percent below its 52-week high and 25.76 percent above its 52-week low.

News Source:- Moneycontrol

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