Allahabad Bank shares plunged as much as 10.98 per cent in the early trade on Wednesday after the Kolkata-based bank reported a loss of Rs 486.14 crore for the third quarter ended December 2015. The bank had earned a net profit of Rs 164.11 crore in the same quarter last year.
At 9.46 am, shares of Allahabad Bank were trading 10.20 per cent down at Rs 45.80. The scrip opened at Rs 48.40 and had touched a high and low of Rs 49.05 and Rs 45.40, respectively, in trade so far. The scrip later settled the day 9.61 per cent down at Rs 46.10
Gross NPAs as a percentage to total advances rose to 6.40 per cent from 5.46 per cent in the same quarter year ago.
Total provisions, excluding for income tax, nearly doubled to Rs 1,208.15 crore as against Rs 643.66 crore in the year-ago period.
In the past one year, shares of Allahabad Bank tanked 51.73 per cent to Rs 51 on February 9, 2016. Sensex fell 14.90 per cent during the same period.