Union Bank stock slums more than 6 pc as Q1 net plunges


State-run Union Bank of India today drooped more than six for every penny on the bourses after the organization reported 68 for each penny decrease in net benefit for the main quarter.

Indian Rupee weakened 6 paise to 66.83 against US Dollar

The bank posted 68 for each penny fall in net benefit to Rs 167 crore in the primary quarter finished June 30 on higher procurements for awful advances. It had reported a benefit after assessment of Rs 519 crore for the same time frame a year ago.

Taking after the quieted profit, shares of the state-run bank opened feeble at Rs 132.75, then lost further ground and touched an intra-day low of Rs 127.20 on the BSE.

Toward the end of today’s exchanging the shares were exchanging at Rs 128.25, down 6.49 for each penny over its past shutting cost on BSE. Taking after the decrease the business sector capitalisation of the organization tumbled to Rs 8,816.43 crore.

On NSE, the stock opened at Rs 133.10, then failed 7.29 for each penny to touch an intra-day low of Rs 127.10. The stock shut for the day at Rs 128.35, down 6.38 for every penny.

“The degrowth in benefit was because of expansion in procurements,” bank’s executive and overseeing chief Arun Tiwari had said.

The procurement for terrible credits expanded to Rs 1,347 crore in the quarter from Rs 479 crore in the same time frame a year ago.

The bank’s benefit quality compounded in the April-June quarter with gross non-performing resources multiplying to 10.16 for each penny from 5.53 for every penny in the year-back period.

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