IDBI Bank shares plunge over 6 pc after Q3 earnings

Shares of IDBI Bank tumbled over 6 percent on Wednesday on disappointment over the lender's December quarter earnings. The scrip plunged 6.08 percent to close at Rs 34.75 on the BSE. During the day, it tanked 7 percent to Rs 34.40.

At the NSE, it plummeted 6.35 percent to close at Rs 34.65. In volume terms, 10.12 lakh shares were traded on the BSE during the day, while over 36 lakh shares were traded on the NSE.

A one-time tax hit of Rs 6,273 crore left IDBI Bank deep into the red for the 13th consecutive quarter with a net loss of Rs 5,763 crore for the three months to December 2019. The lender, which is now controlled by Life Insurance Corporation (LIC), had reported a net loss of Rs 4,185 crore in the year-ago period. The bank has been under the prompt corrective action (PCA) framework of the Reserve Bank of India since May 2017.