Bank of Baroda fell 1.86% to Rs 158.25 at 9:38 IST on BSE after the bank announced cutting interest rates on term deposits of select maturities with effect from today, 8 June 2015.
The announcement was made after market hours on Friday, 5 June 2015.
Meanwhile, the S&P BSE Sensex was down 111.82 points or 0.42% at 26,656.67.
On BSE, so far 43,000 shares were traded in the counter as against average daily volume of 8.54 lakh shares in the past one quarter.
The stock hit a high of Rs 161.50 and a low of Rs 157 so far during the day. The stock had hit a 52-week low of Rs 142.80 on 8 May 2015. The stock had hit a record high of Rs 228.90 on 23 January 2015.
The stock had underperformed the market over the past one month till 5 June 2015, sliding 5.23% compared with Sensex's 2.45% fall. The scrip had also underperformed the market in past one quarter, declining 12.46% as against Sensex's 9.1% fall.
The large-cap bank has equity capital of Rs 442.30 crore. Face value per share is Rs 2.
Bank of Baroda said it has decided to reduce the rates of interest payable on term deposits of below Rs 1 crore and Rs 1 crore to Rs 10 crore applicable to the renewable of existing deposits and fresh deposits with effect from 8 June 2015. Interest rate on domestic term deposits of below Rs 1 crore in the maturity bucket of 1 year and upto 5 years was reduced to 8.25% from 8.5%. Interest rate on domestic term deposit of Rs 1 crore in the maturity bucket of above 5 years and upto 10 years was reduced to 8% from 8.25%. Interest rate on bulk deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 1 year was reduced to 8.25% from 8.35%.
Bank of Baroda's net profit declined 48.3% to Rs 598.35 crore on 3.8% growth in total income to Rs 12057.39 crore in Q4 March 2015 over Q4 March 2014.
The Government of India (GoI) held 57.53% in Bank of Baroda (as per the shareholding pattern as on 31 March 2015).
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