Shares of Andhra Bank today dived over 6 per cent after the public lender's first quarter net profit plummeted nearly 85 per cent.
Amid surging bad loans, Andhra Bank's standalone net profit plunged 84.6 per cent to Rs 31.09 crore for the quarter ended June.
The bank had clocked a net profit of Rs 202.52 crore in the same quarter of the previous fiscal.
Reacting to the muted earnings, shares of the company opened on a weak note at Rs 60, then slumped further 5.79 per cent to a low of Rs 57.70 on the BSE in late afternoon trade.
Similar movement was seen on the NSE, where the stock opened at Rs 59.25, then fell 6.11 per cent to a low of Rs 57.60 in late afternoon trade.
Total income during the quarter rose to Rs 4,855.50 crore, from Rs 4,529.23 crore in the year-ago period.
Gross non-performing assets (NPAs) for the quarter almost doubled to Rs 14,137.27 crore, from Rs 7,237.59 crore a year earlier.
Net NPAs also more than doubled to Rs 8,147.41 crore as against Rs 3,650.22 crore in the year-ago period.
