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Indian Overseas Bank shares tumble 11% as Q2 net loss widens

Indian Overseas Bank shares tumble 11% as Q2 net loss widens

The Chennai-based bank had logged a net loss of Rs 245.51 crore in the same period of the previous year, the lender said in a BSE filing.

The stock plunged 15.57 per cent to Rs 29.55, its 52-week low, on Bombay Stock Exchange (BSE). Photo: Reuters The stock plunged 15.57 per cent to Rs 29.55, its 52-week low, on Bombay Stock Exchange (BSE). Photo: Reuters

Shares of Indian Overseas Bank slumped 15.5 per cent to touch a one-year low after the company reported a net loss of Rs 550.83 crore for the second quarter ended September 30.

The stock ended the day 11.29 per cent down after plunging 15.57 per cent intraday to Rs 29.55, its 52-week low, on Bombay Stock Exchange (BSE).

On NSE, it fell 15.57 per cent to hit its one-year low of Rs 29.55.

The Chennai-based bank had logged a net loss of Rs 245.51 crore in the same period of the previous year, the lender said in a BSE filing.

For the half-year period ended September 30, net loss stood at Rs 536.07 crore as against a net profit of Rs 26.21 crore a year ago.

Total income for July-September increased to Rs 6,769.94 crore, from Rs 6,440.77 crore in the same period of the previous fiscal year.