Falling stock price at 16-year low is a rare phenomena, which come with IDBI Bank today. The stock declined close to 12% on Friday morning to touch an intraday low level of Rs.23.95-per share to be the lowest since May 2003.
The PSU lender reported its financial results for April-June quarter on Wednesday, where it showed a loss of Rs.3800.84-Cr, which is greater than Rs2409.89-Cr for the corresponding period a year ago due to higher provisions and lower NII. The Bank reported its provisions made for the quarter were 20.93% up at Rs6332.05-Cr for the June quarter in comparison with Rs.5235.96-cR a year ago. The net interest income or NII was 11.04% lower at Rs.1457.73-Cr for the April-June period from Rs.1638.62-Cr a year ago.
Shares of the IDBI Bank for the day hit a new 52-week low of Rs.23.80 on the BSE and NSE. During mid-session at 11.15am, the stock is trading at Rs.24.90, down by 8.29% from previous closing. At the same time, benchmark indices recovered from their heavy loss in the morning time, and currently trade flat with BSE Sensex stood at 37275.26 down by 36 points and the NSE Nifty at 11017, down by 12-points in trade.