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Private-sector lender missed Q2 profit estimates by a wide berth on Thursday as provisions for bad loans and mark-to-market losses more than doubled.
AT 11.50 am, the stock was quoted at Rs 187.05, down by 5.70%. The stock touched a low of 168.60 intraday.
Citi had lowered FY19 PAT estimates by 10 per cent and FY20 estimates by 7 per cent, factoring in higher provisions and lower growth and reduced the price target for the stock to Rs 215 from Rs 260
Uncertainties related to CEO succession and capital raising plans remain key overhang, Citi has said
The bank said on Thursday its search for a successor to CEO Rana Kapoor may take weeks, after the central bank refused to extend his term at the firm
More than 28.4 mln shares change hands, compared with their 30-day moving average of 64.6 mln shares.
As of Thursday, stock had declined about 38 per cent since September 19 when it said RBI trimmed its CEO's term.
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