Bank of Baroda dropped 4.25% to Rs 150.80 at 10:33 IST on BSE after the bank announced slashing marginal cost of funds based lending rates by 10 to 25 basis points across various tenors from 7 February 2018.
The announcement was made after market hours yesterday, 5 February 2018.Meanwhile, the S&P BSE Sensex was down 1,130.58 points, or 3.25% to 33,626.58.
On the BSE, 4.79 lakh shares were traded in the counter so far, compared with average daily volumes of 16.27 lakh shares in the past one quarter. The stock had hit a high of Rs 158 and a low of Rs 148.50 so far during the day. The stock had hit a 52-week high of Rs 206.60 on 26 October 2017. The stock had hit a 52-week low of Rs 133.60 on 23 October 2017.
The stock had underperformed the market over the past one month till 5 February 2018, falling 2.57% compared with the Sensex's 1.77% decline. The stock had also underperformed the market over the past one quarter, declining 4.52% as against the Sensex's 4.15% rise. The scrip had also underperformed the market over the past one year, sliding 14.61% as against the Sensex's 22.22% rise.
The large-cap bank has equity capital of Rs 460.83 crore. Face value per share is Rs 2.
Bank of Baroda announced that it has reduced its marginal cost of funds based lending rates (MCLR) by 10 to 25 basis points (bps) across various tenors with effect from 7 February 2018. The bank's MCLR for overnight loans will be 7.8%, for one month will be 7.85% and for three months will be 7.95%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.3%, the bank said. The bank said it has decided to discontinue computation and declaration of MCLR over one year tenor.
Bank of Baroda's net profit fell 35.64% to Rs 355.36 crore on 3.68% rise in total income to Rs 12490.39 crore in Q2 September 2017 over Q2 September 2016.
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Government of India holds 58.7% stake in Bank of Baroda as per the shareholding pattern as on 31 December 2017.
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