Canara Bank shares tank nearly 7 per cent on Q4 earnings disappointment
New Delhi, June 25
Shares of Canara Bank on Thursday fell by nearly 7 per cent after the company reported a standalone net loss of Rs 3,259 crore for the quarter ended March.
On the BSE, the stock declined 6.76 per cent to Rs 102.05.
It plunged 6.84 per cent to Rs 102 on the NSE.
The state-owned bank on Wednesday reported a standalone net loss of Rs 3,259 crore for the quarter ended March, due to higher provisioning.
The lender had reported a net loss of Rs 552 crore in the corresponding period of the previous financial year.
For the full year 2019-20, the bank reported a net loss of Rs 2,236 crore as against a net profit of Rs 347 crore.
From April 1, 2020, the bank amalgamated Syndicate Bank with it.
Total provision increased to Rs 5,300 crore during the quarter as against Rs 3,525 crore in the year-ago period. —PTI
