Dena Bank shares plunge 6% on weak Q4 show
New Delhi: Shares of Dena Bank today plunged nearly 6 per cent after the company reported widening of net loss to Rs 1,225.42 crore in the March quarter.
The stock dropped 5.96 per cent to end at Rs 17.35 on BSE. Intra-day, it slumped 12.46 per cent to Rs 16.15 -- its 52-week low.
At NSE, shares of the company tumbled 5.96 per cent to close at Rs 17.35.
The company's market valuation fell by Rs 247.55 crore to Rs 3,919.45 crore.
State-owned Dena Bank on Friday reported widening of its net loss to Rs 1,225.42 crore in the March quarter on mounting bad loans and higher provisioning to cover them.
The net loss was Rs 575.26 crore in the January-March quarter of 2016-17. Sequentially, the loss widened from Rs 380.07 crore in December of 2017-18.
The bank reported loss on annual basis as well, the third year in a row due to ballooning non-performing assets (NPAs).
Bank's asset quality has worsened with the gross NPAs hitting a high of 22.4 per cent of the gross advances as on March 31, 2018, from 16.27 per cent as of end-March 2017. PTI