Indian Overseas Bank Share Price Records Worst Fall In Over Six Months

Indian Overseas Bank's share price recorded its worst fall since June 4, 2024 on Wednesday, after the stock saw a one-day rise on Tuesday. Before Tuesday, the stock had fallen consecutively in four sessions, in which it lost 11%.

On Tuesday, the stock saw a large deal, in which, 14.92 lakh shares changed hands in the company at Rs 50.86 per share. Throughout the session, 2.55 crore shares changed hands, compared to its 30-day average volume of 55.76 lakh shares.

On Friday, the NSE had sought clarification from the lender on a report headlined 'Indian Overseas Bank to sell Rs 11,500 crore NPAs to boost asset quality'.

The lender replied it had published an invitation for expression of interest dated Jan. 9 from the ARCs for 46 NPA accounts of Rs 11,433.72 crore. Eligible ARCs and other transferees could submit their EOI by Jan. 18, to participate in the e-auction scheduled for Jan. 30, in case of the 46 accounts.

Share price of the lender fell as much as 8.50% to 49.20 apiece. It pared losses to trade 7.55% lower at Rs 49.7 apiece, as of 10:15 a.m. This compares to a 0.2% advance in the NSE Nifty 50.

It has risen 11.82% in the last 12 months. Total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 45.48.