• Notification Date: 03-03-2025
• Notification No: N/A

Indian Overseas Bank Shares Dropped 4.4% After It Got Rs. 700 Crore GST Notice

Indian Overseas Bank (IOB) saw its shares plunging 4.4% to Rs. 41.63 on March 3 due to news regarding a large GST notice. Chennai office of Large Taxpayers Unit sent out a GST notice to the bank for a value of Rs. 699.52 crore with a penalty of Rs. 35.26 crore. The news sent a shockwave into the market, and IOB's share continues to slide.

Over the last one year, IOB shares have declined by 31.09%, and year-to-date, the share has decreased by 16.12%. Additionally, in the last six months, IOB has fallen by a major 28.33%, which is cause for concern for investors.

This fresh money loss calls into doubt the bank's future performance as it grapples with the GST issue together with ongoing share declines. The punishment can have repercussions on the bank's liquidity position and investor sentiments.

As the news keeps coming out, market analysts and investors are eagerly waiting to see how IOB reacts. Will the bank recover, or will the problems persist? Only time will reveal that. Stay tuned for the latest developments on IOB's financial position.