The stock of Indian Bank (NSE:INDIANB) hit a new 52-week low and has INR 78.20 target or 8.00% below today’s INR 85.00 share price.
The 8 months bearish chart indicates high risk for the INR 42.47 billion company. The 1-year low was reported on Feb, 4 by Barchart.com.
If the INR 78.20 price target is reached, the company will be worth INR 3.40B less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in.
During such technical setups, fundamental investors usually stay away and are careful buying the stock.
The stock decreased 3.79% or INR 3.35 on February 3, hitting INR 85. Indian Bank (NSE:INDIANB) has declined 36.55% since July 7, 2015 and is downtrending.
It has underperformed by 29.04% the S&P500.
Indian Bank is a bank owned by the Government of India. The company has a market cap of INR42.47 billion.
It had Core Banking Solution in all 2250 branches as at March 31, 2014. It has 4.22 P/E ratio. The Bank has overseas branches in Singapore, Colombo including a Foreign Currency Banking Unit at Colombo and Jaffna.