Bank of Baroda Shares Plummet Following Lackluster Earnings
Bank of Baroda shares nosedived nearly 11% after its March quarter performance failed to impress investors. The bank reported a slight profit increase, with net profit rising 3% to Rs 5,048 crore. Despite an income increase, the net interest income fell year-on-year.
- Country:
- India
Shares of Bank of Baroda (BoB) plummeted nearly 11% on Tuesday, a reaction to the bank's underwhelming March quarter results, which failed to meet investor expectations.
The stock experienced a significant loss, closing at Rs 223.65 on the BSE, having dropped as low as Rs 212.10 during intraday trading. Meanwhile, it ended at Rs 221.95 on the NSE. This decline slashed the company's market valuation by Rs 13,238.68 crore, bringing it down to Rs 1,15,657.52 crore.
Despite reporting a modest net profit increase of 3% at Rs 5,048 crore for the March quarter of FY25, up from Rs 4,886 crore the previous year, the figures didn't satisfy market analysts. Total income saw a rise to Rs 35,852 crore from Rs 33,775 crore, but net interest income contracted to Rs 11,020 crore, compared to Rs 11,793 crore a year earlier, according to the bank's regulatory filing.
(With inputs from agencies.)
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