Allahabad Bank shares plunged 9.98 per cent after reporting loss of Rs 1,822.71 crore
Shares of Allahabad Bank Tuesday tumbled 10 per cent after the state-owned firm reported a net loss of Rs 1,822.71 crore in the September quarter of the 2018-19 financial year.
The scrip plunged 9.98 per cent to close at Rs 37.45 on BSE. During the day, it slumped 14.90 per cent to Rs 35.40.
At NSE, shares of the company dropped 8 per cent to end at Rs 38.30.
On the equity volume front, 32.16 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.
Allahabad Bank Tuesday reported a net loss of Rs 1,822.71 crore in the September quarter, on higher provisioning for bad loans.
The bank had posted a net profit of Rs 70.20 crore in the July-September quarter of 2017-18.
However, as compared to the June quarter this fiscal, the bank narrowed the losses from Rs 1,944.37 crore.
Total income also fell to Rs 4,410.72 crore during the reported quarter as against Rs 5,067.78 crore in the same period of 2017-18, Allahabad Bank said in a BSE filing.
Gross non-performing assets (NPAs) jumped to 17.53 per cent of the gross advances as on September 30, 2018, as against 14.10 per cent by the same period a year ago.
(With inputs from agencies.)