Bank of Baroda falls for 7th consecutive session

NEW DELHI: Shares of Bank of Baroda gained nearly 2 per cent in Friday's early trade. However, the scrip pared gains and ended lower for the seventh consecutive session.

The scrip fell 0.77 per cent to end the day at Rs 167.75 on BSE.

The lender later told stock exchanges in a regulatory filing that LIC has cut its stake in the state-run bank by 2.05 percentage points to 5.194 per cent from 7.249 per cent earlier.

The bank had reported a better-than-expected 6 per cent growth in net interest income (NII) for the September quarter. Net interest margin ( NIM) for the quarter improved by 6 basis points, but loan book declined 15 per cent YoY inline with management guidance.

Many brokerages hold a neutral view on the stock.