Shares of Bank of Baroda today fell by nearly 8 per cent, wiping-off Rs 2,674 crore from the company's market value, after it reported 21.5 per cent dip in net profit for the quarter ended December.
Following the disappointing numbers, BoB scrip tanked nearly 8 per cent in the intra-day trade. It closed at Rs 802.10, down 7.5 per cent on the BSE.
At the NSE, it closed 7.72 per cent down at Rs 801.
The market value of the company dipped by Rs 2,674 crore to Rs 32,976 crore. In terms of volume, 8.64 lakh BoB shares changed hands on the BSE, while over 58 lakh shares were traded on NSE.
"Bank of Baroda's quarterly net profit dropped due to higher provisions against bad loans, pulling the stock down," said Milan Bavishi, Head Research, Inventure Growth & Securities.
Its net profit stood at Rs 1,289.85 crore in the October- December period of the previous fiscal.
The public sector lender earned a total of Rs 9,685.51 crore during October-December quarter of 2012-13, up from Rs 8,821.32 crore in the same quarter a year ago, it said in a filing to the BSE.
The net non-performing assets (NPA) or bad loans of the bank increased to 1.12 per cent during the quarter from 0.51 per cent in the previous quarter.
In terms of value, the net NPA stood at Rs 3,363.23 crore in the reported period, as against Rs 1,325.27 crore in the year-ago period.
Meanwhile, the BSE 30-stock index, Sensex, closed at 19,751.19, down 30 points or 0.15 per cent.