Bank of Maharashtra slumps after Q4 net loss

Shares fell over 3% in early trade after the bank posted a net loss of Rs 119.84 crore

Shares of Bank of Maharashtra fell over 3% in early trade On Friday, after the bank posted a net loss of Rs 119.84 crore for the fourth quarter ended March 2016.

Opening the day on a weak note, the bank stocks further declined 3.3% to Rs 28.75 on BSE.

At NSE, shares of the bank plunged by 3.12% to Rs 28.80.

State-owned Bank of Maharashtra (BoM) yesterday posted a net loss of Rs 119.84 crore for the fourth quarter ended March 2016 due to rise in bad loans.

The bank had a net profit of Rs 112.72 crore in the January-March quarter of 2014-15 fiscal, BoM said in a statement.
 
Total income of the bank declined to Rs 3,566.68 crore in the January-March quarter, as against Rs 3,598.89 crore in the year-ago period.