Indian Overseas Bank (IOB), a public sector lender based in Chennai, witnessed a sharp fall in share price on Thursday after the bank reported net loss in second quarter earnings due to higher provisions. The bank reported net loss of Rs 2.46 billion for the quarter ended Sept. 30, 2014, compared with net profit of Rs 1.33 billion, a year ago.

Quarterly income totalled at Rs 64.41 billion, an increase of 7.35% over Rs 59.99 billion in the same period a year ago. The bank has made provision of Rs 8.92 billion, which was higher by 43.96% from prior year period to Rs 6.20 billion.

Shares of the bank are trading at Rs 56.50, down Rs 3.1, or 5.20% at the Bombay Stock Exchange (BSE) on Thursday at 2:14 p.m.

The scrip has touched an intra-day high of Rs 59.60 and low of Rs 55.10. The total volume of shares traded at the BSE is 1,103,522.