IDBI Bank extends losses, ends down 5%

The stock extended further losses and slipped to a low of Rs 95 . The stock finally ended at Rs 95.45, down 4.5%.

The counter witnessed heavy trades of 3.66 million shares as compared to the two-week daily average traded volumes of 2.87 million shares.
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(Updated at 1222hrs)

IDBI Bank has slipped in spite of a 7.5% rise in Q1 net profit.

The stock opened at Rs 102 and gained 3% to touch a high of Rs 103. However, it slipped 5.5% from its high to a low of Rs 97.60. The stock is now trading at Rs 98 - down 1.5% from yesterday's close.

The counter has witnessed hefty trades of over 1.71 million shares on the BSE so far.

The bank informed the BSE yesterday, that the net profit has increased 7.5% to Rs 159 crore for the quarter ended June 30, 2009 from Rs 171 crore in the corresponding quarter a year ago. Total income is up 53% at Rs 2,756 crore as against Rs 4,218 crore.

Further, the bank has planned to raise fresh equity through rights issue for bolstering its capital baseThe funds would be required to maintain a capital adequacy ratio of around 12%.