Shares of IDBI Bank tanked nearly 8 per cent today after the company's net loss nearly doubled at Rs 3,200 crore in the quarter to March 2017.
Reacting to this, the stock plunged 7.77 per cent to close at Rs 70 on BSE. Intra-day, it dived 8.95 per cent to Rs 69.10.
On NSE, shares of the company plummeted 7.89 per cent to end at Rs 69.95.
The company's market valuation declined by Rs 1,214.29 crore to Rs 14,411.71 crore.
In terms of volume, 13.17 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
State-owned IDBI Bank's net loss nearly doubled at Rs 3,200 crore in the quarter to March 2017, mainly due to higher provisioning for bad loans.
Bank's net loss was Rs 1,736 crore in the January-March quarter of 2015-16.
As per the financial result posted by the bank on stock exchanges, its annual loss for 2016-17 too widened to Rs 5,158 crore as against Rs 3,665 crore in the previous fiscal.
The bank made provisions worth Rs 4,590 crore in the fourth quarter to deal with non-performing assets (NPAs). The provisioning was Rs 3,331 crore in the corresponding quarter of 2015-16.
The Gross NPAs almost doubled to 21.25 per cent of the gross advances in the fourth quarter of the last fiscal compared to 10.98 per cent in the corresponding period of the previous financial year. The net NPAs were 13.21 per cent against 6.78 per cent.