IOB plummets over 11% as Q2 net loss widens

Shares of Indian Overseas Bank today plunged over 11 per cent after the company reported a net loss of Rs 550.83 crore for the second quarter ended September 30.
After plunging 15.57 per cent to Rs 29.55 -- its 52-week low -- in intra-day trade on BSE, shares of the company finally ended at Rs 31.05, down 11.29 per cent.
At NSE, the stock plummeted 11.42 per cent to Rs 31.
The company's market valuation fell by Rs 487.24 crore to Rs 3,835.76 crore.
In terms of volume, 19.35 lakh shares of the company changed hands at BSE and over one crore shares were traded on NSE during the day.

The Chennai-based bank had logged a net loss of Rs 245.51 crore in the same period of the previous year, the lender said in a BSE filing.
For the half-year period ended September 30, net loss stood at Rs 536.07 crore as against a net profit of Rs 26.21 crore a year ago.
Total income for July-September increased to Rs 6,769.94 crore, from Rs 6,440.77 crore in the same period of the previous fiscal.