The shares of this bank reacted sharply after the terror attack in Jammu and Kashmir. Several other stocks also fell on Wednesday’s trading session. In this article, we will try to understand the cause behind this.
Price Movement
With a market capitalisation of Rs 11,562 crores, the shares of The Jammu and Kashmir Bank are currently trading at Rs 105 per share, down by more than 28 percent from its 52-week high of Rs 147 per share. The stock has corrected by over 20 percent in the last one year.
The fall
The shares of Jammu and Kashmir Bank made a day low of Rs 102.58 per share, and plunged nearly 10 percent on Wednesday’s trading session.
One of the reasons that could trigger this fall may be the terror attack which took place yesterday in Pahalgam in Jammu and Kashmir’s Anantnag district and has raised fears of heightened instability in the region, and triggered a negative reaction from investors.
However, it is to be noted that not only the bank fell but many other companies plunged as well, of which Hotels and airlines were the main ones. Lemon Tree Hotels, SpiceJet, and IndiGo fell up to 2% but later recovered their losses.
Prime Minister Narendra Modi has strongly condemned the terror attack in Pahalgam, and quoted through a X post, “I strongly condemn the terror attack in Pahalgam, Jammu and Kashmir. Condolences to those who have lost their loved ones. I pray that the injured recover at the earliest. All possible assistance is being provided to those affected. Those behind this heinous act will be brought to justice…they will not be spared! Their evil agenda will never succeed. Our resolve to fight terrorism is unshakable, and it will get even stronger”.
Also read : NBFC stock jumps 7% after reporting 75% QoQ profit growth in Q4
Financial Highlights
The company reported a revenue of Rs 3,210 crores in Q3 FY25, up by 11 percent from its Q3 FY24 revenue of Rs 2,881 crores. It posted a net profit of Rs 529 crores in Q3 FY25, up by 25 percent, from its Q3 FY24 net profit of Rs 423 crores.
Written by Satyajeet Mukherjee
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