Bank of Maharashtra shares surge 8 pc as Q4 net loss narrows

Shares of Bank of Maharashtra (BoM) today soared 8 per cent after the company reported narrowing of standalone net loss to Rs 113.51 crore for the quarter ended March 31.

The company's stock surged 8.05 per cent to end at Rs 14.63 on BSE. Intra-day, it zoomed 11.44 per cent to Rs 15.09.

On NSE, shares of the company advanced by 7.74 per cent to close at Rs 14.60.

The company's market valuation moved up by Rs 283.54 crore to Rs 3,801.54 crore.

In terms of equity volume, 5.61 lakh shares of the company were traded on the BSE and over 52 lakh shares changed hands on NSE during the day.

The public sector bank had registered a net loss of Rs 455.45 crore in the January-March quarter of 2016-17.

In December quarter of 2017-18, the bank's loss stood at Rs 596.70 crore, according to a regulatory filing by the company.

The Pune-headquartered lender is sitting on a huge pile of bad loans with gross non-performing assets (NPAs) at 19.48 per cent of the gross advances at the end of March 2018. Gross NPAs were 16.93 per cent by the end of March 2017.