Business Daily from THE HINDU group of publications
Tuesday, Jun 17, 2008
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Business Daily from THE HINDU group of publications Tuesday, Jun 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Public Sector Banks Markets - Stocks Columns - Ear to the ground 
If what Mr S.A. Bhat, Chairman and Managing Director, Indian Overseas Bank, said at the bank’s annual general meeting last week is any indication, the bank’s share could be heading for a stock split. The IOB stock tumbled 28.5 per cent to Rs 105.7 in the last one month and about 54 per cent from its all-time high level of Rs 228.9, which it touched on January 7. A shareholder wanted Mr Bhat to express his thoughts on why the IOB share was not doing well on the bourses. In response, Mr Bhat first pointed out that decline in prices was nothing unique to the IOB share — shares of many other banks had suffered a similar fate, he said. Then, he observed that there was very little floating stock of the IOB share in the market. Many shareholders preferred to hold on to their shares rather than encash the capital gains, making the stock less liquid. Then, responding to a suggestion of another shareholder, Mr Bhat said, “stock split seems to be a good idea”. He added that splitting the Rs 10 share would enhance liquidity in the market. M. Ramesh
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