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Shares of Indian Bank today plummeted nearly 9 per cent after the company reported 59 per cent decline in net profit for the quarter ended March of 2017-18.
The stock dropped 8.17 per cent to end at Rs 314 on BSE. Intra-day, it tanked 10.23 per cent to Rs 306.95.
On NSE, shares of the company plunged 8.65 per cent to close at Rs 313.
Led by the sharp fall in the stock, the company’s market valuation slumped Rs 1,341.84 crore to Rs 15,081.16 crore.
In terms of equity volume, 8.70 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.
State-run Indian Bank today reported 59 per cent decline in net profit to Rs 131.98 crore for the quarter ended March 31, as provisions for bad loans nearly tripled.
The bank had reported a profit of Rs 319.70 crore in the same period of 2016-17.
Total income during the quarter however rose to Rs 4,954.20 crore, as against Rs 4,601.89 crore in the same period a year ago, Indian Bank said in a regulatory filing.
Although the gross non-performing assets (NPAs) during the quarter declined marginally to 7.37 per cent from 7.47 per cent, the provisions for bad loans increased three-fold.
In absolute terms, gross NPAs were at Rs 11,990.14 crore, up from Rs 9,865.13 crore in the year-ago period.
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