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Bank of Maharashtra slips as RBI rejects its proposal to set-off Rs 7,360 crore losses

Bank of Maharashtra is currently trading at Rs. 10.38, down by 0.42 points or 3.89% from its previous closing of Rs. 10.80 on the BSE.

The scrip opened at Rs. 10.80 and has touched a high and low of Rs. 10.80 and Rs. 10.34 respectively. So far 31898 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 20.00 on 30-Apr-2019 and a 52 week low of Rs. 10.34 on 10-Oct-2019.

Last one week high and low of the scrip stood at Rs. 12.00 and Rs. 10.34 respectively. The current market cap of the company is Rs. 6057.07 crore.

The promoters holding in the company stood at 92.49%, while Institutions and Non-Institutions held 4.09% and 3.42% respectively.

Reserve Bank of India (RBI) has denied permission to settle Bank of Maharashtra’s accumulated losses of Rs 7,360 crore against the balance lying in its share premium account and revenue reserve account.

The bank’s board and shareholders approved setting off accumulated losses of Rs 7,360.29 crore as of March 31, 2019, against the balance lying in share premium account and revenue reserve account of bank as on date of set-off.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.