Shares of Jana Small Finance Bank Ltd declined further during Wednesday's trade following reports of a possible merger with Federal Bank Ltd. The stock fell 5.84 per cent to reach a low of Rs 536.70 on the BSE.

The BSE and NSE sought clarification from Jana Small Finance Bank regarding a news report published on 25 August titled "Jana Small Finance Bank, Federal Bank shares fall up to 4% amid merger buzz".

In its response, Jana Small Finance Bank stated it

evaluates all opportunities in the ordinary course of business, from time to time.

The lender added there was

no material information event which has not been announced to the stock exchanges

that required disclosure under Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Federal Bank also issued a clarification regarding a report published on 25 August titled "Federal Bank, Jana SFB deal likely in advanced stages". The private sector lender said it evaluates

various opportunities in the ordinary course, for growth and expansion of its business.

Federal Bank stated there was no material event information requiring disclosure under Regulation 30 of the Sebi Listing Regulations.

Federal Bank shares remained largely flat during Wednesday's session, last trading 0.01 per cent higher at Rs 347.35.