IDBI Bank shares tank over 12 percent after Q1 net loss widens

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New Delhi: Shares of IDBI Bank tumbled over 12 per cent on Friday after the company reported widening of loss to Rs 3,800.84 crore for the June quarter. The scrip tanked 12.33 per cent to touch its 52-week low at Rs 23.80 on the BSE.

On the NSE, the stock dropped 11.94 per cent to its one-year low of Rs 23.95. IDBI Bank on Wednesday reported widening of loss to Rs 3,800.84 crore for the June quarter, hurt by higher provisioning for bad loans. The bank had posted a loss of Rs 2,409.89 crore in the April-June quarter of 2018-19. Its provisioning for non-performing assets (NPAs) or bad loans zoomed to Rs 7,009.49 crore during the first quarter of 2019-20, from Rs 4,602.55 crore in the year-ago period.

Total provisioning and contingencies during the quarter rose to Rs 6,332.05 crore from Rs 5,235.96 crore. Total income of the bank for the quarter under review also declined to Rs 5,923.93 crore, as against Rs 6,402.50 crore a year ago, IDBI Bank said in a regulatory filing.