Indian Overseas Bank fell 1.61% to Rs 36.75 at 9:36 IST on BSE after the Reserve Bank of India initiated a prompt corrective action on the bank to improve internal controls and consolidate its business activities.
The announcement was made after market hours yesterday, 5 October 2015.
Meanwhile, the BSE Sensex was up 124.15 points, or 0.46%, to 26,912.98.
On BSE, so far 84,000 shares were traded in the counter, compared with an average volume of 1.35 lakh shares in the past two weeks.
The stock hit a high of Rs 37.25 and a low of Rs 36.50 so far during the day. The stock hit a 52-week high of Rs 64.75 on 5 January 2015. The stock hit a 52-week low of Rs 32.55 on 8 September 2015.
Indian Overseas Bank (IOB) announced that Reserve Bank of India (RBI) initiated a prompt corrective action on the bank and that this action will not have any material impact on the growth prospects/performance of the bank. The directions given by RBI are for improving the internal control of the bank and for the purpose of consolidation of the activities of the bank, IOB said in a statement.
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Indian Overseas Bank's net profit fell 94.6% to Rs 14.76 crore on 6.2% increase in total income to Rs 6672.11 crore in Q1 June 2015 over Q1 June 2014.
The Government of India holds 73.8% stake in Indian Overseas Bank (as per the shareholding pattern as on 30 June 2015).
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