Allahabad Bank stock falls 3.5 pc as loss widens in Q2

The stock of Allahabad Bank on Friday fell 3.5 percent after the company reported widening of net loss to Rs 2,103.19 crore for the September quarter 2019-20. The stock of the company declined by 3.52 percent to close at Rs 26.05 on the BSE. During the day, it plunged 11.29 percent to Rs 23.95.

On the NSE, it dropped 3.51 percent to close at Rs 26.05. The state-owned lender had registered a loss of Rs 1,816.19 crore during the year-ago period, according to a regulatory filing.

In the preceding June quarter, the bank clocked a profit of Rs 128 crore. Total income during July-September 2019, however, rose to Rs 4,725.23 crore from Rs 4,492.23 crore in the same period last fiscal, the filing said.

Gross non-performing assets (NPAs) or bad loans increased to 19.05 percent (Rs 31,467.53 crore) of the gross advances as on September 30, 2019, from 17.53 percent (Rs 27,236.19 crore) by the same period of 2018.