The bank had posted a net profit of Rs 103.84 crore in the corresponding January-March quarter of 2016-17.
New Delhi: Shares of Syndicate Bank on Tuesday tumbled over 12 per cent after the company reported a net loss of Rs 2,195.12 crore in the quarter ended March 2018.
The stock crashed 12.30 per cent to end at Rs 43.85 on BSE. Intra-day, it slumped 12.8 per cent to Rs 43.60 -- its 52-week low. On NSE, shares of the company dived 12.45 per cent to close at Rs 43.95. The company's market valuation also fell by Rs 871.26 crore to Rs 6,214.74 crore.
In terms of equity volume, 14.73 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day. Public sector lender Syndicate Bank yesterday reported a net loss of Rs 2,195.12 crore in the quarter ended March 31, due to high bad loans that required higher provisioning.
The bank had posted a net profit of Rs 103.84 crore in the corresponding January-March quarter of 2016-17. In December quarter, there was a net loss of Rs 869.77 crore.
The bank's provisioning requirement for bad assets were raised by nearly three times during the March quarter to Rs 3,544.68 crore as against Rs 1,192.54 crore in the same period of the previous fiscal, it said in a regulatory filing.
Asset quality of the bank worsened as gross non-performing assets (NPAs) hit 11.53 per cent of gross advances (Rs 25,758.60 crore) by end of March 2018 from 8.50 per cent (Rs 17,609.31 crore) as on March 31, 2017.