Bank of Baroda declines after reducing interest rate on term deposits

Bank of Baroda lost 1.53% to Rs 160.95 at 11:14 IST on BSE after the bank said that it has reduced interest rate on domestic term deposits including NRE deposits across various maturities for deposits above Rs 1 crore effective 5 November 2015.

The announcement was made after market hours yesterday, 4 November 2015.

Meanwhile, the S&P BSE Sensex was down 129.35 points or 0.49% at 26,423.57.

On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 8.61 lakh shares in the past one quarter.

The stock hit a high of Rs 164.90 and a low of Rs 160.25 so far during the day. The stock had hit a 52-week low of Rs 137.50 on 29 June 2015. The stock had hit a record high of Rs 228.90 on 23 January 2015.

The stock had underperformed the market over the past one month till 4 November 2015, sliding 9.85% compared with Sensex's 1.27% rise. The scrip had also underperformed the market in past one quarter, declining 14.45% as against Sensex's 5.41% fall.

The large-cap state-run bank has equity capital of Rs 460.83 crore. Face value per share is Rs 2.

Bank of Baroda said that it has reduced interest rate on domestic term deposits including NRE deposits for deposits above Rs 1 crore across various maturities in the range of 25 to 60 basis points with effect from 5 November 2015. The revised interest rates will be applicable to the renewal of existing deposits and fresh deposits with effect from 5 November 2015, Bank of Baroda said.

Bank of Baroda is scheduled to announce its Q2 September 2015 earnings tomorrow, 6 November 2015. The bank's net profit fell 22.7% to Rs 1052.15 crore on 4.8% growth in total income to Rs 12243.72 crore in Q1 June 2015 over Q1 June 2014.

The Government of India held 59.24% stake in Bank of Baroda (as per the shareholding pattern as on 30 September 2015).

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