J&K Bank Share Price Falls 4%, Drops To 52-Week Low

Jammu and Kashmir Bank (J&K Bank) share price declined over 4 per cent in the morning trade on BSE on February 4 to a fresh 52-week low of Rs 24.90 and looked on course to extend losses into the second consecutive session. The stock closed with a loss of 5.97 per cent on February 3. It has lost almost 52 per cent of its market value in the financial year 2020 so far. The bank on January 31 said its standalone net profit fell by 52 per cent year-on-year to Rs 49.64 crore in the third quarter of 2019-20 as the abrogation of Article 370 in J&K impacted business activities and cash flows. The state-owned lender had posted a net profit of Rs 103.75 crore in the corresponding October-December period of the previous fiscal.