Shares of Lakshmi Vilas Bank (LVB) Thursday slumped nearly 10 per cent after the company reported a net loss of Rs 132.31 crore for the September quarter on account of mounting bad loans.
The stock fell sharply by 9.60 per cent to end at Rs 83.80 on BSE. Intra-day, it dived 11.54 per cent to Rs 82.
At NSE, shares of the company plummeted 6.73 per cent to close at Rs 83.80.
The company's market valuation fell by Rs 227.16 crore to Rs 2,145.84 crore on BSE.
The private sector lender had registered a net profit of Rs 10.50 crore in the September quarter of 2017-18. Sequentially, the net loss widened from Rs 123.87 crore.
Total income fell to Rs 800.50 crore as against Rs 902.76 crore in the year-ago period, the bank said in a regulatory filing.
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The gross non-performing assets (NPAs) or bad loans hit 12.31 per cent of gross loans by the end of September 2018 from 5.50 per cent at the same period of 2017.
Net NPAs also rose to 6.88 per cent of net advances from 4.33 per cent.
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