Shares of the nation’s second-largest state bank sank as much as 9.7% to Rs.139.80 apiece, before closing 8.36% lower at Rs.142 apiece. Photo: Pradeep Gaur/ MintMumbai: Bank of Baroda shares slumped the most since November after the Indian lender reported a surprise quarterly loss and its chief executive officer flagged an increase in bad loans over the coming months. Jayakumar said on Friday that Bank of Baroda expects to add Rs.50 billion in non-performing assets in its current fiscal year, and may take extra provisions. The lender had Rs.40,520 crore of non-performing assets as of March, up from Rs.38,930 crore in December, filings that day showed. The level of provisions taken for that period was intended to leave “no uncertainty” for the March quarter, Narang Vidyasagar, a general manager for the bank, said at the time.

Source: Mint May 16, 2016 02:45 UTC