Markets

IDBI Bank shares tank as company posts ₹3,800.84 crore loss

The scrip tanked 12.33% to touch its 52-week low at ₹23.80 on the BSE.

Shares of IDBI Bank tumbled over 12% on Friday after the company reported widening of loss to ₹3,800.84 crore for the June quarter.

The scrip tanked 12.33% to touch its 52-week low at ₹23.80 on the BSE.

On the NSE, the stock dropped 11.94% to its one-year low of ₹23.95.

IDBI Bank on Wednesday reported widening of loss to ₹3,800.84 crore for the June quarter, hurt by higher provisioning for bad loans.

The bank had posted a loss of ₹2,409.89 crore in the April-June quarter of 2018-19.

Its provisioning for non-performing assets (NPAs) or bad loans zoomed to ₹7,009.49 crore during the first quarter of 2019-20, from ₹4,602.55 crore in the year-ago period.

Total provisioning and contingencies during the quarter rose to ₹6,332.05 crore from ₹5,235.96 crore.

Total income of the bank for the quarter under review also declined to ₹5,923.93 crore, as against ₹6,402.50 crore a year ago, IDBI Bank said in a regulatory filing.

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Printable version | Feb 28, 2020 10:12:43 PM | https://www.thehindu.com/business/markets/idbi-bank-shares-tank-as-company-posts-380084-crore-loss/article29108729.ece

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