Indian Overseas Bank reduces base rate to 8.10%; Stock gains over 1%

9 Mar 2022 , 09:50 AM

Indian Overseas Bank has reduced the base rate by 1% to 8.10% from the existing of 9.10% effective from Thursday. “The Asset Liability Management Committee of our Bank decided to reduce the Base Rate to 8.10% from the existing of 9.10% effective from March 10, 2022,” the company said in a regulatory filing on Tuesday. 

At around 9.52 am, Indian Overseas Bank was trading at Rs17.65 per piece up by Rs0.2 or 1.15% from its previous closing of Rs17.45 per piece on the BSE.

The scrip opened at Rs17.60 and has touched a high and low of Rs17.70 and Rs17.50 respectively.