 "Indian Overseas Bank, IOB")
Shares of public sector lender, Indian Overseas Bank (IOB) hit a 52-week low of ₹38.95, falling 7 per cent on the BSE in Friday’s intra-day trade after new shares allotted to qualified institutional buyers (QIBs) were listed today. The stock of state-owned bank fell below its issue price of ₹40.57 per share allotted through qualified institutional placement (QIP).
“Trading members of the Exchange are hereby informed that the 354.18 million equity shares of Indian Overseas Bank allotted to QIBs pursuant to QIP are listed and admitted for trading on the Exchange with effect from Friday, March 28, 2025,” BSE said in a notice dated March 27, 2025.
IOB had raised ₹1,437 crore through the QIP issue. The bank allotted shares to Life Insurance Corporation of India (123.3 million shares), IIFL Finance (49.3 million shares) and SBI Pension Fund Scheme and LIC Pension Fund Scheme (24.6 million shares).
Today the share price of IOB fell below its previous low of ₹40.60 touched on March 4, 2025. It has slipped 48 per cent from its 52-week high level of ₹75.45 hit on May 28, 2024. The average trading volumes at the counter jumped 1.5 times. A combined 38.19 million equity shares changed hands on the NSE and BSE.
Meanwhile, in the past three trading days, IOB’s share price was down 12 per cent after the bank on Tuesday, March 25, 2025 said it has received Notice of Demand under Section 156 of Income Tax Act, 1961 from the Income tax Department, Assessment Unit pertaining to AY 2023-24 wherein there is a demand for ₹558.96 crore.
The Bank is in the process of challenging the said order in the appropriate forum against disallowances/ additions made in the said order within the prescribed guidelines, IOB said in an exchange filing.
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