United Bank of India, a state-owned lender, announced that it has been decided by the asset liability management committee of the bank that the base rate of the bank will be reduced from 10.25% to 10% w.e.f. Feb. 01, 2015.

The stock had underperformed the market over the past one month till Jan. 14, 2015, falling 19.74% compared with the Sensex's 0.01% decline. It underperformed the market in past one quarter, declining 14.14% as against 3.79% rise in the Sensex.

Shares of the bank gained Rs 2.15, or 5.12%, to trade at Rs 44.15 at the BSE (10.58 a.m., Thursday).