At 11.22 am, IOB shares were trading 12.86 per cent down at Rs 30.50 apiece. (Photo: PTI)
Indian Overseas Bank (IOB) share price plunged as much as 15.5 per cent in the morning trade on BSE after the state-owned bank reported a net loss of Rs 550.83 crore for the quarter ended September, 2015 (Q2) against a net loss of Rs 245.51 crore in the corresponding quarter a year ago.
At 11.22 am, IOB shares were trading 12.86 per cent down at Rs 30.50 apiece. The scrip opened at Rs 31.50 and had touched a high and low of Rs 31.50 and Rs 29.55, in trade so far. Sensex was down 0.71 per cent at 26,468.22.
The bank said “increased provisions for domestic and overseas advances resulted in the net loss for the quarter ending September 30, 2015.”
The bank’s gross NPA for the July-September quarter of the current fiscal rose to 11 per cent, as compared to 9.35 per cent in the same quarter of the previous year. Besides, bank’s Net NPA stood at 7.41 per cent in Q2FY16.
For the half year period ending September 30, 2015, net loss stood at Rs 536.07 crore as against net profit of Rs 26.21 crore registered during the year ago period.
On a year-to-date basis, the share price of Indian Overseas Bank tanked 45 per cent to Rs 35 on October 30 while the BSE Sensex declined 3.09 per cent during the same period.
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