Central Bank of India continues to slump, down by 4 per cent

Central Bank of India continued its slump on the bourses during Tuesday's trade on the back of a weak Q2 results for the financial year 2018. The bank plunged to an intraday low of Rs. 79.35 per share on BSE, lower by over 4 per cent on Tuesday.
 
The bank's net loss widened in the second quarter of FY18 to Rs. 750.41 crore from Rs. 641.82 crore in the previous year, as a result of higher provisioning for bad loans. The bank had to make an additional provision of Rs. 961 crore in the second quarter of the financial year 2018.
 
The bank's gross non-performing assets shot up to 17.27 per cent of its gross loans by the end of September. Net NPAs or bad loans also soared to 9.53 per cent as on September 30, 2017 from 8.17 per cent in the previous year.
 
The stock hit an intraday low of Rs. 79.35 per share and an intraday high of Rs. 82.75 per share on BSE on Tuesday. The stock had hit its 52-week low of Rs. 70.60 per share on August 17, 2017 and 52-week high of Rs. 125 per share on May 22, 2017 on BSE, respectively.
 
At 1325 hours IST, the stock was trading at Rs. 82.20 per share, lower by over 1 per cent on BSE on Tuesday. Meanwhile, S&P BSE Sensex was trading at 33,261.76 level, lower by 0.01 per cent and NSE Nifty was trading at 10,358.10, lower by 0.05 per cent.