Bank of Maharashtra Shares Fall On Poor Quarterly Numbers

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, May 13, 2016, 11:07 [IST]

Shares of Bank of Maharashtra fell over 2 per cent in early trade after bank posted a net loss of Rs 119.84 crore for the fourth quarter ended March 2016.

Bank of Maharshatra shares were last trading at Rs 29, down 2 per cent over its previous close.

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

At NSE, shares of the bank plunged by 3.12 per cent 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.