2 Banks That Have Hit Fresh 52-Week Low In Trading Session Today

Markets have taken a beating for the 4th day in a row ahead of the crucial Fed rate decision amid scorching high inflation which has come in higher than expected. The recent data has taken world over markets to see sharp cracks. Indian markets which were seen to be outperforming are taking a faster beating and the current correction is said to prevail for a longer span.

Nonetheless, though there is higher volatility and still a bottom to be reached, one can also find opportunities in this market as some of the stocks are seen crashing to new lows.

Likewise, as the markets could not retain the morning gains and were knocked down, 2 of the stocks from the banking space have plunged to fresh 52-week low:

1. Equitas Small Finance Bank:

Equitas offers personalised services and helps finds the right product to suit individual banking requirements for their savings. The bank headquartered in Chennai was founded in 2016 and in a small span has built a position for itself. The bank is a subsidiary of Equitas Holdings.

The stock in trade today reached a fresh 52-week low price of Rs. 38.25 per share on the NSE and is close to hitting its all time low of Rs. 30.05 per share.

The stock has been under pressure and in 1-month has fallen sharply by 30%.

So, while the stock can be categorised as a falling knife one can consider it only if they find value for reasons such as decent valuation P/E of 17.17. Also, FII have increased holding in the stock in the March ended quarter from 0.74% to 3.62% in March quarter of 2022.

 

2. CSB Bank:

Catholic Syrian Bank is a Kerala based over 100-year old bank. The bank is into providing treasury, corporate banking, retail banking and other banking services.

The stock has been inching lower constantly and is likely in a bearish zone. In the 1-year timeframe, the stock price of the counter has dived by 45%.

And this bear run is expected to continue for the stock. The stock's 52-week low hit today has been of Rs. 180.5 while its all time low and high price are Rs. 95.6 and Rs. 374 per share.

The stock also has been facing constant de-growth when it comes to profit, revenue and operating profit margin.

 

Disclaimer:

The stocks are just mentioned as they have hit a fresh 52-week low and is not a recommendation to buy in these shares.

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