Bank of Maharashtra rose 0.82% to Rs 43 at 12:30 IST on BSE after the bank said it has decided to revise the bank's Base Rate from 10.4% per annum to 10.25% per annum with effect from 15 December 2014.
Meanwhile, the BSE Sensex was down 229.62 points, or 0.83%, to 27,601.48.
On BSE, so far 34,764 shares were traded in the counter, compared with an average volume of 74,180 shares in the past one quarter.
The stock hit a high of Rs 43.20 and low of Rs 42.30 so far during the day. The stock hit a 52-week high of Rs 55.15 on 9 June 2014. The stock hit a 52-week low of Rs 29.10 on 28 February 2014.
Shares of PSU bank had underperformed the market over the past one month till 10 December 2014, falling 5.75% compared with 0.16% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 3.83% as against Sensex's 2.86% rise.
Base Rate is the minimum rate below which banks are not permitted to lend barring certain exceptions.
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Bank of Maharashtra's net profit jumped 247.7% to Rs 162.91 crore on 7% rise in total income to Rs 3419.56 crore in Q2 September 2014 over Q2 September 2013.
The Government of India holds 79.8% in the bank as at 30 September 2014.
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