Union Bank of India plunges nearly 10% as Q4 loss widens to Rs 3,370 crore

The asset quality of the bank remained poor with the gross non-performing assets (NPAs) standing at 14.98 per cent of gross advances at March-end 2019 against 15.73 per cent as of March 31, 2018.

Shares of Union Bank of India plunged as much as 9.65 per cent to Rs 71.60 apiece in the intra-day trade on Wednesday after the state-run lender said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning.

The company had registered a net loss of Rs 2,583.38 crore in the same quarter of the preceding fiscal. 

The asset quality of the bank remained poor with the gross non-performing assets (NPAs) standing at 14.98 per cent of gross advances at March-end 2019 against 15.73 per cent as of March 31,