Oriental Bank drops after announcing fund raising plan

Oriental Bank of Commerce lost 3.31% to Rs 78.90 at 15:15 IST on BSE after the bank scheduled a board meeting on 30 August 2018 to consider fund raising proposal.

The announcement was made after market hours yesterday, 27 August 2018.

Meanwhile, the BSE Sensex was up 209.74 points, or 0.54%, to 38,903.85

On the BSE, 3.05 lakh shares were traded in the counter so far, compared with an average volume of 2.96 lakh shares in the past two weeks. The stock had hit a high of Rs 82.25 and a low of Rs 78.30 so far during the day. The stock had hit a 52-week high of Rs 159.75 on 26 October 2017. The stock had hit a 52-week low of Rs 65.80 on 18 July 2018.

The mid-cap state-run bank has an equity capital of Rs 632.77 crore. Face value per share is Rs 10.

Oriental Bank of Commerce said that the meeting of the board of directors of the bank is scheduled on 30 August 2018 to consider and approve the raising of capital from the market through QIP for an amount not exceeding Rs 1000 crore.

Oriental Bank of Commerce reported net loss of Rs 393.21 in Q1 June 2018 compared with net loss of Rs 486.20 crore in Q1 June 2017. Total income fell 9.3% to Rs 4729.58 crore in Q1 June 2018 over Q1 June 2017.

Government of India holds 77.229% stake in Oriental Bank of Commerce (as on 30 June 2018).

Powered by Capital Market - Live News