Shares of Punjab National Bank (PNB) plunged by nearly 7 per cent today after the company reported a whopping 93.41 per cent decline in net profit for the third quarter ended December 31.
The stock plummeted by 6.89 per cent to settle at Rs 87.85 on the BSE. During the day, it tumbled 7.41 per cent to Rs 87.35.
At NSE, shares of the company tanked 6.94 per cent to Rs 87.75.
Following the decline in the stock, the company's market valuation fell by Rs 1,275.8 crore to Rs 17,250.20 crore.
Volumewise, 39.61 lakh shares of the company changed hands at BSE and over three crore shares were traded at NSE during the day.
"PNB has come out with a very disappointing set of results for the quarter," said Vaibhav Agrawal, VP Research- Banking, Angel Broking.
Punjab National Bank (PNB) today reported 93.41 per cent decline in net profit at Rs 51.01 crore for the third quarter ended December 31, on account of higher provisioning for bad loans.
PNB, the country's second-largest public sector bank by assets, had reported a net profit of Rs 774.58 crore for the October-December quarter of 2014-15 fiscal.
Total income increased to Rs 13,891.2 crore for the quarter ended December, up 7.64 per cent, from Rs 12,904.85 crore in the same quarter last financial year.
Gross NPAs as a percentage to total advances rose to 8.47 per cent from 5.97 per cent in the same quarter an year ago.
Net non-performing assets (NPAs) went up to 5.86 per cent from 3.82 per cent at the end of December 2014, the bank said.
