Poor financials hasten ING Vysya's fall

DALAL STREET SPIKES

ING Vysya Bank tanked 10 per cent in intra-day deals on thin volumes on Friday. The stock recovered at the end of the session to close at Rs 447.65, down 5.76 per cent. Only 1,018 shares were traded on the BSE.

Along with the overall selling pressure across-the-board, the stock was hammered down after the company announced a loss for the quarter ended March 31, 2004.

For the fourth quarter, the bank reported a net loss of Rs 23.26 crore as compared with a net profit of Rs 22.66 crore in the same quarter last year.

While the bank's core interest income was flat, other income declined. The provision and contingencies rose sharply to Rs 96.39 crore in the quarter ended March 2004.

The bank managed to bring down its non-performing assets ratio to 2.6 per cent from 3.55 per cent earlier.