PNB shares dive over 6% on record Q4 loss
New Delhi: Shares of Punjab National Bank (PNB) on Tuesday fell by 6% after the company posted largest ever quarterly loss of Rs13,416.91 crore for the March 2018 quarter.
PNB shares fell 3.80% to close at Rs86 on BSE. During the day, it declined 6.26% to Rs83.80—its 52-week low level. At NSE, the stock dived 6.10% to close at Rs83.85.
The company’s market valuation fell by Rs938.07 crore to Rs23,740.93 crore. In terms of equity volume, 19.98 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.
The company’s results were announced before close of trading hours. The scam-hit bank posted a loss of Rs13,416.91 crore for the quarter ended 31 March, mainly on account of high provisioning for bad loans.
The bank had reported a standalone profit of Rs261.90 crore in the fourth quarter of 2016-17.
The total income for the fourth quarter also declined to Rs12,945.68 crore from Rs14,989.33 crore in the year-ago period.
The bank has witnessed deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38% of gross advances at the end of March this year, as against 12.53% year ago. Net NPAs also soared to 11.24% against 7.81% a year ago.