Share price of Union Bank of India reached an intraday low level to Rs.71, down by over 8-pc after the bank reported March-quarter earnings, which was not upto the mark. The net loss of the bank reportedly widened to Rs.3370-Cr in the Q4FY19, as against the net loss of Rs.2583.38-Cr registered, a year before.
In response, the CLSA and Credit Suisse slashed the target price (TP) of the stock for a 1-year period.
Meantime, Credit Suisse reiterated a NEUTRAL rating with a revised TP of Rs75 from Rs78 per share previously. Whereas Citi, which had a SELL call on the stock, raised its TP to Rs70/- from Rs65/- per share.
The stock touched an intraday high and low level at Rs.76/- and Rs.71/- respectively on the NSE, as at 12.52pm, as compared to 27pc rise in NSE Nifty index at 11252.55 and 39% rise in the Sensex at 37,463, during session, Wednesday.
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