The Troubled Rupee
RBI likely sold dollars after rupee hit record low of 59.93 - dealers
The Reserve Bank of India (RBI) likely sold dollars via state-run banks after the rupee slid to a record low on Thursday, several dealers said, as fears of foreign outflows from India are roiling domestic bond and stock markets. Full Article
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Bank of Baroda falls on earnings disappointment
A cashier (L) counts currency notes as customers wait inside a bank in Hyderabad March 22, 2010.
Credit: Reuters/Krishnendu Halder/Files
Reuters Market Eye - Shares in Bank of Baroda (BOB.NS) fall as much as 8 percent after the bank's October-December earnings disappointed investors.
The bank said in a statement its December-quarter net profit fell to 10.12 billion rupees compared with 12.90 billion rupees a year earlier, while non-performing loans increased to 1.12 percent versus 0.51 percent a year earlier.
"The market was expecting better numbers," said Vaibhav Agrawal, a banking analyst at Angel Broking.
"Possibly, with the new management coming in, there has been higher NPA recognition than what would have earlier been expected."
In January, the central government appointed S. S. Mundra as chairman and managing director of the bank.
Bank of Baroda shares were down 7.34 percent at 2:37 p.m.
(Reporting by Abhishek Vishnoi)
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