Corporation Bank declined 3.66% to Rs 51.40 at 15:00 IST on BSE, with the stock extending previous sessions' losses triggered by the bank reporting higher bad loans in Q4.
The stock has fallen 13.39% in five sessions to its ruling price of Rs 51.40 from a close of Rs 59.35 on 16 May 2017.
Meanwhile, the S&P Sensex was down 151.69 points or 0.5% at 30,419.28. The S&P BSE Mid-Cap index was down 228.65 points, or 1.52% at 14,825.49.
On the BSE, 1.83 lakh shares were traded on the counter so far as against the average daily volumes of 1.65 lakh shares in the past one quarter. The stock had hit a high of Rs 53.55 and a low of Rs 50.80 so far during the day.
The stock had hit a 52-week high of Rs 64.70 on 5 May 2017 and a 52-week low of Rs 34 on 3 June 2016.
The stock had underperformed the market over the past one month till 22 May 2017, falling 0.56% compared with the Sensex's 4.11% rise. The scrip had, however, outperformed the market in past one quarter, rising 13.03% as against the Sensex's 5.91% rise.
The mid-cap bank has equity capital of Rs 229.41 crore. Face value per share is Rs 2.
Shares of Corporation Bank had dropped 5.66% to Rs 53.35 yesterday, 22 May 2017 after the bank announced Q4 results. The bank's gross non-performing assets (NPAs) stood at Rs 17045.22 crore as on 31 March 2017 as against Rs 15827.99 crore as on 30 December 2016 and Rs 14544.24 crore as on 31 March 2016. The result was announced on Saturday, 20 May 2017.
The ratio of gross NPAs to gross advances stood at 11.7% as on 31 March 2017 as against 11.26% as on 31 December 2016 and 9.98% as on 31 March 2016.
The ratio of net NPAs to net advances stood at 8.33% as on 31 March 2017 as against 7.64% as on 31 December 2016 and 6.53% as on 31 March 2016.
The bank's provisions and contingencies fell 51.63% to Rs 948.01 crore in Q4 March 2017 over Q4 March 2016 of which provisions for NPAs dropped 56.62% to Rs 852.97 crore in Q4 March 2017 over Q4 March 2016.
Corporation Bank reported net profit of Rs 159.98 crore in Q4 March 2017 compared with net loss of Rs 510.96 crore in Q4 March 2016. Total income rose 9.8% to Rs 5730.48 crore in Q4 March 2017 over Q4 March 2016.
Meanwhile, bank announced after market hours yesterday, 22 May 2017 that board of directors on 20 May 2017, approved raising of capital to the extent of Rs 3500 crore in one or more trenches with green shoe option, if any through various routes.
Government of India holds 70.76% stake in the bank (as on 31 March 2017).
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