OBC extends Friday's slide

Oriental Bank of Commerce lost 1% to Rs 207.30 at 13:14 IST on BSE, with the stock extending Friday's slide triggered by the bank allotting 80.87 lakh equity shares at Rs 185.47 per share to the government on preferential basis.

Meanwhile, the S&P BSE Sensex was down 40.33 points or 0.19% at 20,675.25.

On BSE, so far 1.18 lakh shares were traded in the counter as against average daily volume of 2.96 lakh shares in the past two weeks.

The stock hit a high of Rs 211.65 and a low of Rs 206.35 so far during the day.

Shares of Oriental Bank of Commerce (OBC) have fallen 3.71% in two trading sessions from a recent high of Rs 215.30 on 12 December 2013 after the bank during trading hours on Friday, 13 December 2013 said it has allotted 80.87 lakh equity shares at Rs 185.47 per share to the government on preferential basis. The stock had fallen 2.74% to settle at Rs 209.40 on Friday, 13 December 2013.

OBC said it has allotted 80.87 lakh equity shares of Rs 10 each for cash at issue price (including premium) of Rs 185.47 per share aggregating to about Rs 150 crore to the Government of India (GoI) on preferential allotment basis. Consequent to the allotment, the GoI's holding in OBC has increased to 59.13% from 58%.

OBC's net profit declined 16.8% to Rs 251.41 crore on 3.5% growth in total income to Rs 4987.71 crore in Q2 September 2013 over Q2 September 2012.

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