Bank of India shares slumped as much as 5.3 per cent in Wednesday's trade as the Reserve Bank of India has placed the bank under prompt corrective action framework , consequent to the onsite inspection under the risk based supervision model carried out for the year ended March 2017, and the report issued thereof.
This is the first time that the central Bank has invoked PCA for a large bank of the size of BoI.
Following a weak open at Rs 180 against the previous close of Rs 181.35, the scrip touched an intraday high of Rs 180.40 and a low of Rs 171.70. In terms of equity volume, 4.57 lakh shares exchanged hands in the evening trade.
On the NSE, the stock slumped as much 5.4 per cent to Rs 171.45. The share touched a 52-week high of Rs 216.80 on November 17, 2017 and a 52-week low of Rs 102.75 on December 29, 2016. BoI shares ended lower by 3.94 per cent at Rs 174.20 on the BSE. On the NSE, the stock closed down by 4.06 per cent at Rs 173.90.