Indian Overseas Bank (IOB) has become the second most-valued listed public sector bank (PSB) with a market capitalisation of over Rs 50,000 crore. As Street discounts privatisation of the state-owned lender, its shares have appreciated nearly 80 per cent on the BSE in the past one month. IOB stood with an m-cap of Rs 51,887 crore, pushing PNB (Rs 46,411 crore) and BOB (Rs 44,112 crore) to third and fourth position, respectively, as per data available on BSE.
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In the past month, the market price of IOB has zoomed 57 per cent, as compared to a 4 per cent decline in PNB and a 5 per cent gain in BOB share price. The bank plans to come out of the Prompt Corrective Action (PCA) framework by focusing on recovery, low-cost deposits, and less capital consuming advances.
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