Indian Overseas Bank's share price plunged 14 percent intraday on Tuesday after the public sector bank on Monday reported widening of its net loss to Rs 2,253.64 crore for the second quarter ended September 30.
The bank had registered a net loss of Rs 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 Rs 342 crore.
The stock plunged 14.16 percent to Rs 10.30 intraday. At 11:33 AM, the stock was trading 10.83 percent lower at Rs 10.70.
Total income during the second quarter of 2019-20 also fell to Rs 5,024 crore from Rs 5,348.35 crore in the corresponding period of 2018-19, the bank said in a regulatory filing.
The only positive for the Chennai-headquartered bank was its asset quality which saw substantial improvement. Net NPAs decreased to 9.84 percent from 14.34 percent in the year-ago period.
(With inputs from PTI)
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First Published: Nov 5, 2019 11:40 AM IST
