Shares of Bank of India dropped nearly 7 per cent on Tuesday as the company's June quarter earnings failed to cheer investors.
The shares tumbled 6.54 per cent to close at Rs 70.70 on the BSE. During the day, it tanked 7.53 per cent to Rs 69.95, its 52-week low.
At the NSE, shares fell 6.80 per cent to close at Rs 70.55.
In terms of volume, 21.05 lakh shares were traded on the BSE during the day, while over two crore shares were traded on the NSE.
The state-owned bank on Tuesday reported more than two-fold jump in its net profit to Rs 242.62 crore in the first quarter ended June 30.
The bank had posted a net profit of Rs 95.11 crore during April-June period of the previous fiscal.
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Total income of the bank rose to Rs 11,526.95 crore during the quarter as against Rs 10,631.02 crore in the same period of preceding fiscal, the bank said in a regulatory filing.
The lender witnessed slight improvement in its gross non-performing assets (NPAs) to 16.50 per cent of the gross advances as on June 30, 2019, down from 16.66 per cent at the end of June 2018.
Net NPAs or bad loans came down substantially to 5.79 per cent as against 8.45 per cent.
In absolute terms, the bank's gross NPAs stood at Rs 62,068.40 crore at the end of June quarter this fiscal as against Rs 60,604.46 crore as on June 30, 2018.
Its provisioning and contingencies for the quarter increased to Rs 9,255.60 crore from Rs 8,761.83 crore a year ago.
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