THIS state-run bank receives GST notice of ₹699.5 crore, stock down 5% in four sessions | Stock Market News
Source: Live Mint
PSU-institutional lender Indian Overseas Bank (IOB) received a ₹699.52 crore goods and service tax (GST) notice from the Chennai State Government, according to an exchange filing on Friday, February 28.
The Deputy Commissioner of the Large Taxpayers Unit of Chennai has demanded the GST amount from the state-owned bank.
According to the official release, the total GST demand, including the interest and penalty amount, was ₹699.52 crore. The penalty charged for the demand was ₹35.26 crore.
“We believe that the demand order shall have no material impact on the financials, operations or other activities of the bank,” said IOB in the official statement, claiming the bank believes that the GST demand is without any legal justification.
IOB Share Price
Indian Overseas Bank (IOB) shares closed 4.56 per cent lower at ₹43.54 after Friday’s stock market session, compared to ₹45.62 at the previous market close. The company disclosed the GST notice announcement after stock market operating hours on February 28.
IOB shares have given stock market investors over 400 per cent return on their investment in the last five years. However, the stock lost 30.89 per cent lower in the last one-year period. The stock is trading 15.79 per cent lower on a year-to-date (YTD) basis in 2025 and has lost nearly 5 per cent in the past four market sessions.
IOB shares hit their 52-week level at ₹43.20 on Friday, February 28, while the 52-week high level was at ₹75.45 on May 28, 2024, according to the BSE data.
IOB Q3 Results
Indian Overseas Bank (IOB) reported a 21 per cent hike in its net profit for October to December results for the financial year 2024-25 at ₹874 crore, compared to its ₹723 crore levels in the same quarter a year ago.
The State-owned lender’s bad loans dropped as the gross non-performing assets (NPAs) were down at 2.55 per cent in the third quarter, compared to 3.90 per cent in the same quarter a year ago.
Total income for the bank rose ₹8,409 crore in the October to December quarter, compared to ₹ ₹7,437 crore in the same quarter a year ago.
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