New Delhi: Shares of IDBI Bank Monday plunged nearly 6 per cent after the company reported widening of loss to Rs 4,185.48 crore for the December quarter 2018 as bad loans surged.
The stock slumped 4.07 per cent to close at Rs 50.65 on BSE. Intra-day, it tumbled 7.67 per cent to Rs 48.75. On NSE, shares declined 5.68 per cent to end at Rs 49.75. On the traded volume front, 36.60 lakh shares changed hands on BSE and 1.8 crore units on NSE. The bank had reported a net loss of Rs 1,524.31 crore in the corresponding quarter of the previous fiscal.
Total income fell to Rs 6,190.94 crore for the quarter, compared with Rs 7,125.20 crore in the year-ago period, IDBI Bank said in a statement. The bank's gross non-performing assets (NPAs) shot up to 29.67 per cent of gross advances during the quarter, against 24.72 per cent in the year-ago period.
