Shares of Oriental Bank of Commerce today slumped nearly 12 per cent, eroding Rs 1,182 crore from its market valuation, after it reported a staggering 91.2 per cent drop in profit for the quarter ended December 2014.
The stock plunged 10.18 per cent to settle at Rs 281.15 on the BSE. During the day, it tumbled 10.83 per cent to Rs 279.10.
At the National Stock Exchange, the stock went down by 10.79 per cent to end at Rs 279.50.
The bank's market capitalisation dipped by Rs 1,182.13 crore to Rs 8,202.87 crore.
Hit by higher provisioning for bad loans and restructuring of assets, net profit of Oriental Bank of Commerce (OBC) plummeted 91.2 per cent to Rs 19.56 crore for the third quarter of 2014-15.
The public sector bank had a net profit of Rs 224.30 crore in the October-December quarter of 2013-14.
The gross non-performing assets of the bank rose sharply to 5.43 per cent from 3.87 per cent in the December quarter of last fiscal. Its net NPAs also increased to 3.68 per cent from 2.91 per cent in the same quarter of 2013-14.
