Canara Bank share price fell by nearly 7 per cent after the company reported a standalone net loss of Rs 3,259 crore for the quarter ended March. Share price of Canara Bank slipped 6.76% to Rs 102.05 against previous close of Rs 109.45 on BSE.
The mid cap stock plunged 6.84 per cent to Rs 102 on the NSE. The stock has lost 7.24% in two days.
Canara Bank stock opened with a loss of 5.89% at Rs 103 on BSE.
Total 11.44 lakh shares changed hands amounting to turnover of Rs 11.91 crore.
The state-owned bank reported a standalone net loss of Rs 3,259 crore for the quarter ended March, due to higher provisions, harmonisation with Syndicate Bank, and amount for wage revision.
The lender had reported a net loss of Rs 552 crore in the corresponding period of the previous financial year.
For 2019-20, the bank reported a net loss of Rs 2,236 crore against net profit of Rs 347 crore. Total income of the public sector bank increased 6.3 per cent to Rs 56,748 crore in FY20 against Rs 53,385.30 crore in FY19.
The bank, which amalgamated Syndicate Bank with itself on April 1 this year, made a provisioning of Rs 5,375.38 crore for the March quarter of FY20 compared to Rs 5,523.50 crore in the corresponding period last year.
"Provision Coverage Ratio (PCR) improved to 75.86 per cent as at March 2020 from 68.13 per cent as at March 2019," Canara Bank said.