IDBI Bank shares hit 52-week low

IDBI Bank shares hit 52-week low

Agency News

Following the announcement of the April-June Q1 quarter result, the share price of IDBI Bank fell as much as 11.94 per cent to hit a 52-week low of Rs. 23.95.

The net loss of the state-run lender widened during April-June period to Rs. 3,801 crore as against loss of Rs. 2,410 crore in the quarter last year. Bad loans or non-performing assets were the key factors for the sharp loss. During initial hours of trade, shares in IDBI Bank touched an intraday low of Rs. 23.80, falling 12.33 per cent from the previous close. Finally, the price settled at Rs.23.95 with a marked fall of 11.94 per cent.

As per the quarter result, the bank's gross non-performing assets as percentage of total advances came in at 29.12 per cent versus 27.47 per cent in the previous quarter.

IDBI Bank's provisioning for bad loans increased 52 per cent as the bank provided Rs.7,009.49 crore for bad loans compared with provisioning of Rs. 4,602.55 crore in the same period last year.