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Indian Overseas Bank shares plummet over 11 pc on Q2 loss

Shares of Indian Overseas Bank on Tuesday dropped over 11 per cent after the company reported widening of its net loss for the second quarter ended September 30.

The company's stock plummeted 11.27 per cent to close at Rs 10.63 on the BSE. During the day, it tumbled 13.18 per cent to Rs 10.40.

On the NSE, it plunged 11.25 per cent to close at Rs 10.65.

In traded volume terms, 4.65 lakh shares of the company were traded on the BSE and over 50 lakh units on the NSE during the day.

The company's market valuation fell by Rs 1,233.43 crore to Rs 9,717.57 crore on the BSE.

The state-owned lender on Monday reported widening of its net loss to Rs 2,253.64 crore for the second quarter ended September 30.

The bank had registered a net loss of Rs 487.26 crore in the corresponding quarter of the previous financial year. In the first quarter of the current financial year, it had posted a net loss of Rs 342 crore.

Total income during the second quarter of 2019-20 also fell to Rs 5,024 crore from Rs 5,348.35 crore in the corresponding period of 2018-19, the bank said in a regulatory filing.

The bank's asset quality remains elevated with the gross non-performing assets standing at 20 per cent (Rs 28,673.95 crore) of gross advances during the quarter, compared with 24.73 per cent (Rs 37,109.96 crore) in year-ago same period.