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Shares of Indian Overseas Bank on Tuesday dropped over 11 per cent after the company reported widening of its net loss for the second quarter ended September 30. The company’s stock plummeted 11.27 per cent to close at ₹10.63 on the BSE. During the day, it tumbled 13.18 per cent to ₹10.40.
On the NSE, it plunged 11.25 per cent to close at ₹10.65. In traded volume terms, 4.65 lakh shares of the company were traded on the BSE and over 50 lakh units on the NSE during the day. The company’s market valuation fell by ₹1,233.43 crore to ₹9,717.57 crore on the BSE.
The state-owned lender on Monday reported widening of its net loss to ₹2,253.64 crore for the second quarter ended September 30.
Read more:IOB loss up five-fold at ₹2,254 cr in Q2
The bank had registered a net loss of ₹487.26 crore in the corresponding quarter of the previous financial year. In the first quarter of the current financial year, it had posted a net loss of ₹342 crore.
Total income during the second quarter of 2019-20 also fell to ₹5,024 crore from ₹5,348.35 crore in the corresponding period of 2018-19, the bank said in a regulatory filing.
The bank’s asset quality remains elevated with the gross non-performing assets standing at 20 per cent (₹28,673.95 crore) of gross advances during the quarter, compared with 24.73 per cent (₹37,109.96 crore) in year-ago same period.
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