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.
Indian Overseas Bank Share Price Today
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.
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