MUMBAI (Reuters) - Indian state-run IDBI Bank reported fourth-quarter net loss widened to 32 billion rupees ($495.1 million) as bad loans soared, sending its shares down more than 8 percent.
That compared with a net loss of 17.36 billion rupees in the year-ago quarter.
Gross bad loans as a percentage of total loans rose to 21.25 percent as at end-March, from 15.16 percent in December, and 10.98 percent in March 2016.
The Reserve Bank of India recently initiated “prompt corrective action” on IDBI, which the lender said was due to high bad loans and negative return on assets.
($1 = 64.6400 rupees)
Reporting by Devidutta Tripathy; Editing by Biju Dwarakanath