 "Bank of Baroda tanks over 10%, m-cap loses Rs 4,446 crore")
Shares of Bank of Baroda on Monday slumped over 10 per cent, wiping out Rs 4,446.31 crore from its market valuation, after the December quarter earnings were below Street estimates.
The stock tumbled 10.26 per cent to end at Rs 168.75 on BSE. During the day, it plunged 10.66 per cent to Rs 168.
At NSE, the company plummeted 10.23 per cent to close at Rs 168.80.
Led by the sharp fall in the stock price, the company's market valuation tanked Rs 4,446.31 crore to Rs 38,882.69 crore.
BOB had posted net profit of Rs 252 crore in the quarter ended December 2016 (Q3FY17) against net loss of Rs 3,342.2 crore in October-December 2015. Sequentially, however, net profit was down from Rs 552 crore in July-September 2016.
"Total income has increased to Rs 12,181.04 crore for the quarter ended December 2016, from Rs 11,726.95 crore in the same quarter a year earlier," the bank said in a regulatory filing. Asset quality saw further slippages as gross non-performing assets rose to 11.40 per cent of gross advances during the quarter even though it was stable sequentially compared with 11.35 per cent in the September quarter of the current financial year.
