Stock of this PSB has nearly doubled in 2 months; m-cap nears Rs 1 trillion

Shares of Indian Overseas Bank (IOB) rallid 5 per cent to hit the highest level in over eight years on the BSE in Wednesday’s otherwise weak intra-day trade. The stock of the public sector bank (PSB) touched Rs 51, its highest level since March 2015, on improved operating performance. 

In the past two months, the market price of IOB has nearly doubled or zoomed 95 per cent from a level of Rs 26.12 after the bank reported a solid set of numbers for the quarter ended June 2023 (Q1FY24), with improved asset quality.

In the last one year,