Bank of India ends 6% lower as company reports net loss of Rs 56.1 cr in Q4

MUMBAI: Bank of India shares plunged 7.61 per cent intraday after it reported a net loss of Rs 56.1 crore for the quarter ended March

The stock ended the day in red, down 6.22 per cent or Rs 12.70 at Rs 191.4.

The loss was on account of deteriorating asset quality.

The PSU bank had logged a net profit of Rs 558 crore in the corresponding quarter last fiscal.

Gross margins rose to 5.39 per cent in Jan-March against 4.07 per cent in the previous quarter.

The bank made a provision of Rs 2,260 crore in the Q4FY15.

According to analyst Hemindra Hazari, the results are disappointing and way below estimates. He advised investors should stay away from both private and public sector banks.