Published on 18/05/2017 3:57:55 PM | Source: Dion Global Solutions Ltd

IOB slips over 4% despite Q4 loss narrows

Posted in Stock On The Move | #Indian Overseas Bank Ltd #Banking Sector #Stock On The Move #BSE #Quarterly Result

Shares of Indian Overseas Bank (IOB) fell over 4 per cent on the Bombay Stock Exchange (BSE) even as the bank reported its standalone net loss narrowed to Rs 646.66 crore during the fourth quarter ended March 31, 2017. The bank had posted a standalone net loss of Rs 936.19 crore in the corresponding quarter of previous fiscal, said Indian Overseas Bank in a filing to the BSE.

Despite bank's net loss narrowed in Q4, shares of the bank dropped 4.39 per cent to Rs 28.30 apiece on Bombay Stock Exchange at 15:01 hours. In a similar fashion, stocks of the bank slide 5.05 per cent to Rs 28.20 apiece, or 1.50 points, on National Stock Exchange at 15:02 hours. Meanwhile, the broader benchmark BSE Sensex was trading at 30,435.49, down 0.73 per cent, or 225.84 points, at 15:05 hours.