The balance of Rs 20-billion would be recovered in another two months. The total recovery will substantially improve the Bank's balance sheet; the PTI report suggested quoting Bank of India Executive Director N Damodharan.
The bank has embarked on a plan, following restrictions from RBI on it under the Prompt Corrective Action (PCA) framework, it added.
Bank of India hit a multi-year low of Rs 91 on Monday in intra-day trade, had underperformed the market by falling 34% in past one month after the Rs 114 billion ($1.8 billion) fraud at Punjab National Bank came to light. On comparison, the S&P BSE Sensex was down 1.1% till yesterday.
At 09:54 am; the stock was trading 9% higher at Rs 103 on the BSE, as compared to 0.08% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 15.56 million shares changed hands on the BSE and NSE so far.