Indian Overseas Bank shares slump 8 pct on weak earnings

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Published: July 27, 2015 1:12 PM

Indian Overseas Bank shares fall as much as 8 pct after its first quarter net profit plunged 95 pct year-on-year.

Indian Overseas Bank sharesIndian Overseas Bank shares fall as much as 8 pct after its first quarter net profit plunged 95 pct year-on-year.

Indian Overseas Bank shares fall as much as 8 pct after its first quarter net profit plunged 95 pct year-on-year.

The state-run lender heads towards its biggest single day percentage fall since March 13 as the April-June net bad loans jump to 6.31 pct of advances from 5.68 pct in Jan-March.

Bank extremely stressed, exposed to troubled infrastructure and metals and mining sectors, said an analyst at a domestic broker.

IOB facing another year of low growth, needs significant capital infusion, the analyst added.

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