Indian Overseas Bank surges 21% in 2 days post Q4 results, hits 52-wk high

The bank reported a net profit of Rs 144 crore in Q4FY20 as against a net loss of Rs 1,985 crore in Q4FY19.

Shares of Indian Overseas Bank (IOB) were locked in the upper circuit band of 10 per cent, at Rs 13.18 -- also its 52-week high -- for second straight day on the BSE on Friday after the bank reported a net profit of Rs 144 crore for the quarter ended March 2020 (Q4FY20) on the back of lower provisioning for bad loans. The state-owned bank had posted a net loss of Rs 1,985 crore in the year-ago quarter.

The stock has rallied 21 per cent in the past two trading days on the BSE. The trading volumes on the counter