Stocks

IDBI Bank hits over 16-year low after bigger Q1 loss

Reuters August 16 | Updated on August 16, 2019 Published on August 16, 2019

Shares of IDBI Bank have fallen as much as 12 per cent to Rs 23.95, the lowest since May 26, 2003.

The state-owned bank on Wednesday posted widened its June-quarter loss of Rs 3,801 crore ($532 mln) against a loss of Rs 2,410 crore a year earlier, due to higher provisioning and lower net interest income.

Provisions rose 21 per cent to Rs 6,332 crore. Net interest margin was at 2.13 per cent versus 2.17 per cent a year ago. Around 3.6 million shares changed hands in early trade versus the 30-day average of 6.2 million shares.

The stock has posted its biggest per cent daily loss since August 24, 2015. Up to last close, the stock down was 55.6 per cent this year ($1 = 71.4450 rupees)

Published on August 16, 2019
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