Tamil Nadu Mercantile Bank shares were subdued on Thursday, the opening day. There was also a decline in stock sales.
Bank Tamil Nadu Mercantile is headquartered in Thoothukudi. This bank introduced the first share sale.
Subsequently, shares of Tamil Nadu Mercantile traded at Rs 510 on the Mumbai Stock Exchange (BSE) and Rs 495 on the National Stock Exchange (NSE) on Thursday (September 15).
On the BSE, Tamil Nadu Mercantile traded as high as Rs 519, before dropping as low as Rs 484.50 and ending at Rs 508.45.
On the NSE, it touched a high of Rs 510 and fell as low as Rs 486 to close at Rs 509.65.
Tamil Nadu Mercantile Bank raised Rs 808 crore through initial public offering (IPO). The IPO of this bank was fixed at Rs.500-525.
Tamil Nadu Mercantile Bank has 509 branches across the country. It has 369 branches in Tamil Nadu.
NPA of this bank is 3.44 percent in 2020-21 and 1.69 percent in 2021-22. Net Non-Performing Assets (Net NPA) are seen at 1.98 percent and 0.95 percent.
Krishnan Shankara Subramaniam, Managing Director and Chief Executive Officer of the bank, speaking on Thursday, said, “There will be fluctuations in the stock markets. “Tamil Nadu Mercantile Bank will continue to operate with the reputation of being a merchant’s bank,” he said.
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