Bank of India falls 8% on weak Q2 results

The stock slipped 8% to Rs 80.50 on Tuesday, extending its Monday's 5% decline on the BSE, after the state-owned bank reported a net loss of Rs 11.56 billion in Q2FY19.

Shares of Bank of India have slipped 8% to Rs 80.50 per share on Tuesday, extending their 5% decline on the BSE on Monda, after the state-owned bank reported a net loss of Rs 11.56 billion in the second quarter of current fiscal 2018-19 (Q2FY19), due to higher provisioning for bad loans.

The bank had posted a net profit of Rs 1.79 billion in the corresponding July-September period of the last fiscal (Q2FY18). It had a net profit of Rs 951 million in the April-June quarter of the 2018-19 fiscal (Q1FY19).

For the first half (April-September) of FY19,