Bank of Maharashtra declined 3.08% to Rs 29.90 at 10:45 IST on BSE after the bank said that the Reserve Bank of India initiated prompt corrective action for the bank in view of high net non performing assets.The announcement was made on Saturday, 17 June 2017.
Meanwhile, the S&P Sensex was up 157.22 points, 0.51% at 31,208.16. The S&P BSE Mid-cap index was up 20.66 points or 0.14% at 14,827.99.
On the BSE, 37,021 shares were traded on the counter so far as against the average daily volumes of 83,629 shares in the past one quarter. The stock had hit a high of Rs 30.50 and a low of Rs 29.60 so far during the day.
The stock had hit a 52-week high of Rs 40.70 on 4 May 2017 and a 52-week low of Rs 25 on 9 November 2016.
The stock had underperformed the market over the past one month till 16 June 2017, falling 9% compared with 1.55% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 4.49% as against Sensex's 4.97% gains.
The scrip had also underperformed the market in past one year, gaining 0.33% as against Sensex's 17.08% gains.
The mid-cap bank has equity capital of Rs 1168.33 crore. Face value per share is Rs 10.
Bank of Maharashtra said that the action will not have any material impact on the performance of the bank and it will contribute to improve the internal controls of the bank and improvement in its asset quality, profitability and efficiency.
The bank's ratio of gross NPAs to gross advances stood at 16.93% as on 31 March 2017 as against 9.34% as on 31 March 2016. The ratio of net NPAs to net advances stood at 11.76% as on 31 March 2017 as against 6.35% as on 31 March 2016.
Bank of Maharashtra reported net loss of Rs 455.45 crore in Q4 March 2017 compared with net loss of Rs 119.84 crore in Q4 March 2016. Total income fell 5.9% to Rs 3354.80 crore in Q4 March 2017 over Q4 March 2016.
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