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Shares of Indian Overseas Bank today slumped nearly 16 per cent to touch a one-year low after the company reported a net loss of Rs 550.83 crore for the second quarter ended September 30, 2015.
The stock plunged 15.57 per cent to Rs 29.55 — its 52-week low — on the BSE.
On the NSE, it fell 15.57 per cent to hit a one-year low of Rs 29.55.
The Chennai-based bank had logged a net loss of Rs 245.51 crore in the same period of the previous year, the lender said in a BSE filing.
For the half-year period ended September 30, the net loss stood at Rs 536.07 crore against a net profit of Rs 26.21 crore a year ago.
Total income for July-September quarter increased to Rs 6,769.94 crore from Rs 6,440.77 crore in the same period of the previous fiscal.
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