IOB stock down over 15% as Q2 net loss widens

Shares of Indian Overseas Bank today slumped 15.5% to touch a one-year low after the company reported a net loss of Rs 550.83 crore for the second quarter ended September 30.

The stock plunged 15.57% to Rs 29.55 -- its 52- week low -- on BSE. 

On NSE, it fell 15.57% to hit its one-year low of Rs 29.55. 

The Chennai-based bank had logged a net loss of Rs 245.51 crore in the same period of the previous year, the lender said in a BSE filing.

For the half-year period ended September 30, net loss stood at Rs 536.07 crore as against a net profit of Rs 26.21 crore a year ago. 

Total income for July-September increased to Rs 6,769.94 crore, from Rs 6,440.77 crore in the same period of the previous fiscal.