Indian Overseas Bank shares plummet over 14% after lender's Q2 net loss widens to Rs 2,254 cr

  • Shares of Indian Overseas Bank on Tuesday plummeted over 14 percent after the company reported widening of its net loss for the second quarter ended 30 September

  • The state-owned lender on Monday reported widening of its net loss to Rs 2,253.64 crore for the second quarter ended 30 September

  • The bank's asset quality remains elevated with the gross non-performing assets standing at 20 percent (Rs 28,673.95 crore) of gross advances during the quarter

New Delhi: Shares of Indian Overseas Bank on Tuesday plummeted over 14 percent after the company reported widening of its net loss for the second quarter ended 30 September.

The company's stock dropped 13.18 percent to Rs 10.40 on the BSE. On the NSE, it plunged 14.16 percent to Rs 10.30.

 Indian Overseas Bank shares plummet over 14% after lenders Q2 net loss widens to Rs 2,254 cr

Representational image. Reuters.

The state-owned lender on Monday reported widening of its net loss to Rs 2,253.64 crore for the second quarter ended 30 September.

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.

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 bank's asset quality remains elevated with the gross non-performing assets standing at 20 percent (Rs 28,673.95 crore) of gross advances during the quarter, compared with 24.73 percent (Rs 37,109.96 crore) in year-ago same period.

Updated Date: Nov 05, 2019 11:58:59 IST