Indian Overseas Bank shares skid over 6% as Q1 Net plunges

Shares of Indian Overseas Bank plunged over 6% on Monday after the company reported 94.56% decline in net profit for the quarter ended June.

The stock tumbled 6.05% to settle at Rs 35.70 on the BSE. In intra-day, it dipped 7.63% to Rs 35.10 -- its 52-week low.

On the NSE, shares of the company fell by 6.43% to end at Rs 35.65.

The company's market valuation went down by Rs 283.81 crore to Rs 4,410.19 crore.

Indian Overseas Bank (IOB) on Saturday reported 94.56% decline in net profit at Rs 14.76 crore for the quarter ended June 30, 2015, compared to the same period last year, on sharp increase in provisioning for bad loans.

The bank reported a net profit of Rs 271.72 crore in the corresponding period of the previous fiscal.

IOB's total income grew to Rs 6,672.11 crore in the quarter under review, up 6.16% from Rs 6,284.69 crore during the same period of 2014-15 fiscal.

Gross NPA of the bank as on June 30, 2015 stood at 9.40%, as against 5.84% during the same period last fiscal.

Net NPA stood at 6.31% in the reported quarter as against 3.85% registered during the same period of the previous fiscal.