Bank of India slipped over 5 per cent on early Tuesday as its net loss widened.
The lender on Monday reported a higher net loss at Rs 3,969 crore for the March quarter due to heavy provisioning for bad loans and treasury losses.Net loss stood at Rs 1,046 crore in the same quarter last year.For 2017-18, the bank suffered a net loss of Rs 6,044 crore against net loss of Rs 1,558 crore in the previous financial year.The scrip was trading 5.93 per cent down at Rs 101.45 at around 9.37 am whereas the BSE Sensex was down 38 points, or 0.11 per cent, at 35,126.Global brokerage firm Morgan Stanley maintained Underweight on Bank of India with a target price of Rs 105.
Credit Suisse retained Underperform with a target price of Rs 103 compared with Rs 122 earlier.
The lender's asset quality worsened as of March-end, with gross non-performing assets (NPAs) rising to 16.58 per cent of the gross advances.
This compares with 13.22 per cent by the end of March 2017.
Net NPAs rose to 8.26 per cent, from the earlier 6.90 per cent.