Canara Bank falls; earnings concerns surface

Shares in Canara Bank Ltd fall after dealers say the bank's January-March quarterly net profit was boosted by a tax refund they estimated at Rs 1 billion ($16.62 million).

The falls reverse a 6.6 percent rally on Monday when investors had reacted positively to the state-lender's results, especially as its net non-performing loans fell to 1.98 percent during the January-March quarter from 2.39 percent in the previous quarter.

Analysts say Canara's loans decreased mainly as a result of the sale of some bad assets.

Canara was not immediately reachable despite several attempts.

Shares in Canara Bank were down nearly 4 percent as of 11:52 a.m.

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