IDFC First Bank shares were trading broadly flat on Tuesday morning, a day after the stock crashed nearly 19 per cent, with the scrip at ₹70.16 on the NSE as of 10.22 am, up just 0.17 per cent from Monday’s close of ₹70.04. The stock opened at ₹69.89, touched a high of ₹70.83 and a low of ₹69.20, with buy and sell quantities nearly balanced at 48.5 per cent and 51.5 per cent, respectively, a sharp contrast to Monday’s around 85 per cent sell-side dominance.
Traded volume stood at around 804 lakh shares with a traded value of ₹563 crore by mid-morning, significantly lower than Monday’s ₹2,027 crore, suggesting the initial panic selling has subsided. Deliverable quantity as a percentage of traded volume rose to 53.67 per cent, compared to 38.79 per cent on Monday, indicating more conviction-based trading rather than intraday activity. Market cap recovered marginally to ₹60,366 crore.
The bank clarified to exchanges about The Economic Times report of Haryana mandated exclusive banking with public sector banks, dropping IDFC First and AU Small Finance that the stock’s price movement was driven by its February 21 fraud disclosure and not by any de-empanelment, adding that empanelment approvals are routine in its course of business.
The stock remains down over 18 per cent year-to-date and about 15.8 per cent over the past week. With KPMG’s forensic audit ongoing and the final financial impact yet to be determined, analysts expect the stock to remain range-bound until greater clarity emerges on provisioning and recoveries.