The stock finally ended down Rs 10 (6%) at Rs 160.
A heavy volume of around 1.77 million shares were recorded on the BSE today as against its two-week daily traded average volume of around 295,069 shares.
Updated at 1227 hrs
Union Bank has slumped following a drop in its Q4 net.
The stock opened at Rs 172, up Rs 2 from the previous close. It touched a high of Rs 175 but tumbled to a low of Rs 157 - down over 10% from its day's high - soon after the results were announced.
The stock is now down 6.3% at Rs 160. The counter has seen heavy volumes of around 660,1100 stocks on the BSE so far.
According to a release issued by the bank to the BSE, their net profit has declined 11% to Rs 465.06 crore for the quarter ended March 31, 2009 from Rs 521.13 crore for the corresponding quarter a year ago.
Total income, however, was up 32% at Rs 3848.73 crore in Q4FY09 when compared to Rs 2913.10 crore in Q4FY08.
Further, the bank has proposed dividend of 50% (Rs 5/- per share) for the financial year 2008-09.