Indian Overseas Bank shares plummet more than 11 pcs for second-quarter loss

New Delhi, November 5 () Shares of Indian Overseas Bank fell more than 11 percent on Tuesday after the company reported an increase in its net loss for the second quarter ending September 30.

The company's shares plummeted 11.27 percent to close at Rs 10.63 in the BSE. During the day, it fell 13.18 percent to Rs 10.40.

In the NSE, it fell 11.25 percent to close at Rs 10.65.

In terms of volume traded, 4.65 lakh shares of the company were traded in the BSE and more than 50 lakh units in the NSE during the day.

The market valuation of the company fell by Rs 1,233.43 rupees to Rs 9,717.57 rupees in the BSE.

The state lender reported on Monday that it extended its net loss to Rs 2,253.64 rupees for the second quarter that ended September 30.

The bank had recorded 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 recorded a net loss of Rs 342 crore.

Total revenues during the second quarter of 2019-20 also fell to Rs 5,024 crore from Rs 5,348.35 rupees in the corresponding period of 2018-19, the bank said in a regulatory document. The quality of the bank's assets remains high, with gross non-productive assets of 20% (Rs 28,673.95 rupees) of gross advances during the quarter, compared with 24.73% (Rs 37,109.96 rupees) in the same period from the previous year. SUM SHW SHW

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