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Shares of Union Bank of India fell as much as 7.4 per cent to Rs 73.45. The state-owned lender posted a March-quarter loss of Rs 3,369 crore ($14.2 mln) on Tuesday, while provisions for non-performing assets rose by 2.6 per cent.
The company's forward PE of 19.96 is above the sector average of 18.31.
About 6.6 million shares changed hands in early trading hours, compared with the 30-day average of around 9.2 million shares.
In comparison, its peers, State Bank of India has a forward PE of 54.47, and Bank of India has a PE of -3.28.
Up to Tuesday's close, the stock had fallen 7.7 per cent this year ($1 = 70.2625 Indian rupees).
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