Central Bank of India share price dives nearly 12% to hit 52-week low

Central Bank of India share price: Shares of public sector lender Central Bank of India declined nearly 12% on Wednesday, April 2, to hit its 52-week low.

The stock crashed 11.74% to ₹36.46 per share on the National Stock Exchange (NSE). At 10:25 am, it was down 9.8% to ₹37.26 apiece.

Its market capitalisation stands at ₹33,725.52 crore.

The scrip has been on a decline since the lender raised ₹1,500 crore, including ₹238 crore from the Life Insurance Corporation of India (LIC), via the Qualified Institutional Placement (QIP) route.

In an exchange filing on March 28, the bank said it has "approved the issue and allotment of 37,04,61,842 equity shares, to eligible QIBs at the issue price of ₹40.49 per equity share which includes a discount of ₹2.13 i.e., 4.99% of the floor price, as determined in terms of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018), aggregating to ₹1,500 crore (Rupees One Thousand Five Hundred Crores Only), pursuant to the QIP."

In the third quarter of the financial year 2024-25, the Central Bank of India reported a 33% increase in its net profit to ₹959 crore as against ₹718 crore in the year-ago quarter.

Total income surged 6.56% to ₹9,739 crore in the latest October-December quarter, compared to ₹9,139 crore in the corresponding period previous fiscal.