Bank of India shares plunge over 6% on Q4 loss

Bank of India shares today plunged over 6 per cent after the lender reported a net loss of Rs 56.14 crore for the fourth quarter ended March 31, 2015.
The stock dipped 6.22 per cent to settle at Rs 191.40 on the BSE. In intra-day, it slumped 7.61 per cent to Rs 188.55 -- its 52-week low.
At the NSE, shares of the state-owned firm tanked 5.88 per cent to close at Rs 191.85.
Impacted by the sharp decline in the stock, the bank's market valuation fell by Rs 1,731 crore to Rs 11,839 crore.
Meanwhile, Bank of India today reported a net loss of Rs 56.14 crore for the fourth quarter ended March 31, 2015, on higher provisioning for bad loans.

The bank had posted a net profit of Rs 557.51 crore in the January-March quarter of the previous fiscal (2013-14).

Gross non-performing assets (NPAs) as a percentage of total advances shot up to 5.39 per cent during the fourth quarter of 2014-15, from 3.15 per cent in the year-ago period, Bank of India (BoI) said in a filing to the BSE.
Provisioning by the bank increased to Rs 2,255 crore in the March quarter of last fiscal, from Rs 1,547 crore in the same period of 2013-14.
Total income increased to Rs 12,286.98 crore during the March quarter, from Rs 11,274.09 crore in the corresponding quarter a year ago.

In the broader market, the BSE 30-share Sensex ended 57.95 points down at 27,506.71.