May 29, 2018 / 4:47 AM / 5 months ago

BUZZ-Bank of India falls on weak Q4 results

** Shares of state-run Bank of India Ltd fall as much as 6.2 pct to 101.10 rupees, their biggest intraday pct fall since April 20

** Company posted a bigger-than-expected March-qtr loss on Monday, hurt by higher provisioning for bad loans

** Credit Suisse cuts price target to 103 rupees from 122 rupees and maintains ‘underperform’

** With weak core profitability even as credit costs normalise, bank will likely need capital to fund growth - Credit Suisse

** Morgan Stanley says pre-provisioning operating profit was 43 pct below estimates due to weak net interest income and high operating expenses

** About 8 mln shares changed hands in the first hour of trade, higher than 30-day avg of about 7.8 mln shares

** One of 16 brokerages rates the stock ‘buy’, two ‘hold’ and 13 “sell” or lower; their median PT is 110 rupees - Thomson Reuters data

** Up to Monday’s close, stock had fallen 36.5 pct this year compared with a 18.14 pct decline in the state-run bank index

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