Central Bank of India tanks

After Indian Overseas Bank, IDBI Bank, UCO Bank and Dena Bank, the RBI yesterday placed Central Bank of India also under the prompt corrective action (PCA) due to high net non-performing assets (NPAs) and negative ROA of the Bank for past two consecutive years.

Following this, the Bank’s CMD sent out a letter to his employees, saying that it should be “taken up as a wakeup call. Now is the time for all of us to gear up all our efforts towards tackling the factors on account of which we are in present predicament."

The markets for now have given it a big thumbs down. The stock currently figures out amongst the top five losers on the BSE, going down 4% to Rs.97 levels. It has recovered from there and is now at Rs.99, down some 2%. Its 52-week low stands at Rs.76.35 and high at Rs.125.