New Delhi, Jun 25 (PTI) Shares of Canara Bank on Thursday closed over 4 per cent lower after the company reported a standalone net loss of Rs 3,259 crore for the quarter ended March.

On the BSE, the stock which declined 6.76 per cent to Rs 102.05 during the day, later closed at Rs 104.85, 4.20 per cent lower.

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It plunged 3.88 per cent to close at Rs 105.25 on the NSE. In traded volume terms, 17.91 lakh shares were traded on the BSE and 3.64 crore shares on the NSE during the day.

The state-owned bank on Wednesday reported a standalone net loss of Rs 3,259 crore for the quarter ended March, due to higher provisioning.

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The lender had reported a net loss of Rs 552 crore in the corresponding period of the previous financial year.

For the full year 2019-20, the bank reported a net loss of Rs 2,236 crore as against a net profit of Rs 347 crore. From April 1, 2020, the bank amalgamated Syndicate Bank with it.

Total provision increased to Rs 5,300 crore during the quarter as against Rs 3,525 crore in the year-ago period.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)