June 25, 2020

Bank of India share declines 11% on Q4 loss- Business News


Following the earnings, shares of Bank of India, that rose 6.38% earlier erased gains and fell 11.66% to the intraday low of Rs 48.5. On Wednesday, the stock closed at 54.90

Bank of India share price fell over 11% on Thursday after the lender posted reported its Q4 earnings. For the fourth quarter ended March 31, 2020, Bank of India reported a net loss of Rs 3,571 crore against a net profit of Rs 252 crore during Q4 FY19.

Following the earnings, shares of Bank of India, that rose 6.38% earlier erased gains and fell 11.66% to the intraday low of Rs 48.5. On Wednesday, the stock closed at 54.90.

With an intraday volatility of 8.47%, the stock has traded in a wide range of Rs 9.9. The stock has fallen 1.47% in one week and 28% year-to-date.

Market capitalisation of the bank stood at Rs 18,138 crore today.

Bank of India shares trades higher than 20, 50 and 100-day but lower than 5 and 200-day moving averages. The stock has fallen after 5 days of consecutive gain.

For FY20, the public sector lender reported a net loss of Rs 2,957 crore compared to a loss of Rs 5,547 crore in 2018-19. Its total income increased by 8.01% to Rs 49,066.33 crore in FY20 as against Rs 45,426.70 crore in FY19.

Shares of Bank of India closed 8.20% lower at Rs 50.40 on BSE.

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