Union Bank shares tank 8.5% on disappointing earnings

Shares of Union Bank today slumped as much as 8.5 per cent after the company reported a nearly 27 per cent fall in net profit for the quarter ended March, 2014.
Union Bank of India's stock ended 8.55 per cent lower at Rs 135.25 on the BSE. In intra-day, the stock slumped 9 per cent to Rs 134.45.
At the NSE, the scrip tumbled 8.42 per cent to settle at Rs 135.45.
In terms of volume, 22.95 lakh shares of the company changed hands at the BSE, while over one crore shares were traded at the NSE during the day.

Union Bank today reported a nearly 27 per cent fall in its net profit at Rs 578.96 crore for the quarter ended March 31, 2014.
The public sector bank had reported a net profit of Rs 789.38 crore in the corresponding quarter of the last financial year (2012-13), Union Bank of India said in a regulatory filing to the stock exchanges.
Total revenue of the bank stood at Rs 8,444.95 crore for the (January-March) quarter in 2014, as against Rs 7,500.59 crore in the same period last fiscal.
The bank's net NPA (non-performing assets) during the quarter rose to Rs 5,340.08 crore from Rs 3,353.38 crore in the same period, last fiscal.