Bank of India slashed its repo-based lending rate by 25 basis points with effect from Wednesday after the Reserve Bank of India cut its repo rate.
The bank's current RBLR for lending is 9.1%, which has been reduced to 8.85% after the RBI reduced its repo rate to 6% from 6.25%, according to an exchange filing.
Earlier on Wednesday, RBI Governor Sanjay Malhotra slashed the benchmark repo rate by 25 basis points along with changing its stance from neutral to accommodative.
Shares of BOI closed 2.28% lower at Rs 106.76 apiece on the National Stock Exchange, compared to a 0.61% decline in the benchmark Nifty. The stock has fallen 24.74% in the last 12 months but risen 4.77% on a year-to-date basis.
Three out of the four analysts tracking the company have a 'buy' rating on the stock and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 16.9%.
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