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Indian Overseas Bank share slips 19% in five sessions on profit booking

Indian Overseas Bank stock has lost 19.52% in last five sessions after the lender reported profit in Q4 of 2019-20 against loss in same quarter of 2018-19

twitter-logoBusinessToday.In | July 3, 2020 | Updated 20:09 IST
Indian Overseas Bank share slips 19% in five sessions on profit booking
The banking stock closed at Rs 11.13 against previous close of Rs 11.52 on BSE. Market cap of the bank fell to Rs 18,294 crore.

Share price of Indian Overseas Bank closed 3.39% lower today amid profit booking on counter of the public sector lender. The banking stock closed at Rs 11.13 against previous close of Rs 11.52 on BSE. Market cap of the bank fell to Rs 18,294 crore.

Total 9.80 lakh shares changed hands amounting to turnover of Rs 1.10 crore.

Indian Overseas Bank stock has lost 19.52% in last five sessions after the lender reported profit in Q4 of 2019-20 against loss in same quarter of 2018-19. 

The lender on June 25 reported standalone net profit of Rs 143.79 crore in Q4 against net loss of Rs 1,985.16 crore during corresponding quarter previous year.

Total income in Q4 rose to Rs 5,484.06 crore against Rs 5,473.92 crore logged in the same period last fiscal. In last fiscal, net loss of the bank stood at Rs 8,527.40 crore compared with net loss of Rs 3,737.88 crore in 2018-19.

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For the full year ending March 31, 2020, total income of the bank fell to Rs 20,712.48 crore against Rs 21,837.58 crore registered previous year.

Its stock gained 10% to Rs 11 on June 25 against previous close of Rs 10.90 on BSE. On June 29, the stock hit 52 week high of Rs 13.83 as investors turned upbeat on Q4 earnings.

However, the share came off day's high in the same session, signaling likely downward trend for next few days. In fact, the share fell 7.37% from its 52-week high on  June 29 to close at Rs 12.81 on BSE. The stock hit its 52 week low of Rs 6.17 on March 13, 2020.

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