Bank of Baroda shares dive 9%; mcap dips by Rs 3,306 cr

Shares of Bank of Baroda today fell sharply by 9 per cent, wiping out Rs 3,306 crore from its market valuation, after the company reported a massive 60 per cent plunge in standalone net profit for the first quarter ended June.
The scrip tanked 8.95 per cent to settle at Rs 145.95 on BSE. Intra-day, it slumped 9.51 per cent to Rs 145.05.
At NSE, shares of the company dived 9 per cent to close at Rs 145.95.
The company's market valuation dipped by Rs 3,305.79 crore to Rs 33,629.21 crore.
The state-run bank today reported a massive 60 per cent plunge in standalone net profit to Rs 423.62 crore for the first quarter, hit by higher provisions for bad loans and contingencies.

The bank posted net profit of Rs 1,052.15 crore on standalone basis in the corresponding quarter a year ago.
Gross NPAs were 11.15 per cent of gross advances as of June, up from 4.13 per cent a year ago, and in absolute terms rose to Rs 42,991.68 crore as against Rs 17,273.95 crore a year earlier.