Indian Overseas Bank Ltd's rating reviewed by CARE

The Credit Rating Agency, M/s. CARE Ratings Limited (CARE) has reviewed the rating for Indian Overseas Bank Ltd's AT1 Bonds of Rs.1000 crore issued during February 2015, on the basis of recent developments including losses made by the Bank during H1FY18 which adversely impacted the distributable reserves and the possible impact of the same on the credit risk profile of the instrument.

The rating continues to derive strength from the majority ownership by Government of India (GOI) and demonstrated strong support by GOI including periodical capital infusions in the past. The rating also factors in the long standing track record of operations of the Bank with strong presence in South India.

Shares of INDIAN OVERSEAS BANK was last trading in BSE at Rs.22.65 as compared to the previous close of Rs. 22.4. The total number of shares traded during the day was 120411 in over 360 trades.

The stock hit an intraday high of Rs. 22.9 and intraday low of 22.4. The net turnover during the day was Rs. 2725508.

Source : Equity Bulls

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