MUMBAI May 18 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
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.
India's central bank 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 Indian rupees)
(Reporting by Devidutta Tripathy; Editing by Biju Dwarakanath)