IDBI Bank shares tank over 9% after lender logs Rs 3,801 cr loss in June quarter

Shares of IDBI Bank tumbled over 12 percent on Friday after the company reported widening of loss to Rs 3,800.84 crore for the June quarter

Press Trust of India August 16, 2019 17:34:20 IST
IDBI Bank shares tank over 9% after lender logs Rs 3,801 cr loss in June quarter
  • IDBI Bank shares dropped 8.47 percent to close at Rs 24.85 on the BSE

  • Intra-day, the stock tumbled 12.33 percent to touch its 52-week low at Rs 23.80

  • IDBI Bank on Wednesday reported widening of loss to Rs 3,800.84 crore for the June quarter, hurt by higher provisioning for bad loans

New Delhi: Shares of IDBI Bank tumbled nearly 9 percent on Friday after the company reported widening of loss to Rs 3,800.84 crore for the June quarter.

The scrip dropped 8.47 percent to close at Rs 24.85 on the BSE. Intra-day, the stock tumbled 12.33 percent to touch its 52-week low at Rs 23.80.

On the NSE, shares tanked 8.82 percent to close at Rs 24.80.

IDBI Bank shares tank over 9 after lender logs Rs 3801 cr loss in June quarter

Representative image. Reuters

The company's market capitalisation (m-cap) declined by Rs 1,779.31 crore to Rs 19,224.69 crore on the BSE.

On the traded volume front, 16.84 lakh shares were traded on the BSE and over 1.98 crore on the NSE.

IDBI Bank on Wednesday reported widening of loss to Rs 3,800.84 crore for the June quarter, hurt by higher provisioning for bad loans.

The bank had posted a loss of Rs 2,409.89 crore in the April-June quarter of 2018-19.

Its provisioning for non-performing assets (NPAs) or bad loans zoomed to Rs 7,009.49 crore during the first quarter of 2019-20, from Rs 4,602.55 crore in the year-ago period.

Total provisioning and contingencies during the quarter rose to Rs 6,332.05 crore from Rs 5,235.96 crore.

Total income of the bank for the quarter under review also declined to Rs 5,923.93 crore, as against Rs 6,402.50 crore a year ago, IDBI Bank said in a regulatory filing.

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