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Thursday, 12 May 2016

Bank of Maharashtra slumps after Q4 net loss

Shares of Bank of Maharashtra fell over 3 per cent in early trade today after the bank posted a net loss of Rs 119.84 crore for the fourth quarter ended March 2016. Opening the day on a weak note, the bank stocks further declined 3.3 per cent to Rs 28.75 on BSE. At NSE, shares of the bank plunged by 3.12 per cent to Rs 28.80. State-owned Bank of Maharashtra (BoM) yesterday posted a net loss of Rs 119.84 crore for the fourth quarter ended March 2016 due to rise in bad loans. The bank had a net profit of Rs 112.72 crore in the January-March quarter of 2014-15 fiscal, BoM said in a statement. Total income of the bank declined to Rs 3,566.68 crore in the January-March quarter, as against Rs 3,598.89 crore in the year-ago period.

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