IOB slips 1.7%

IOB announced that the RBI action will not have any material impact on the growth prospects/performance of the bank.

Indian Overseas Bank slipped 1.7% at Rs. 36.70 after RBI has initiated a “Prompt Corrective Action” on IOB to improve internal controls and consolidate its business activities. IOB informed stock exchanges that the RBI action will not have any material impact on the growth prospects/performance of the bank.

The scrip opened at Rs. 37 and has touched a high and low of Rs. 37.25 and Rs. 36.5 respectively. So far 891423(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4614.03 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 64.75 on 05-Jan-2015 and a 52 week low of Rs. 32.55 on 08-Sep-2015. Last one week high and low of the scrip stood at Rs. 37.7 and Rs. 35.1 respectively.

The promoters holding in the company stood at 73.8 % while Institutions and Non-Institutions held 16.52 % and 9.68 % respectively.

The stock is currently trading below its 200 DMA.