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The BSE Sensex surged 645.97 points, or 1.72 per cent, to end at 38,177.95, while the broader NSE Nifty zoomed 186.90 points, or 1.68 per cent, to 11,313.30, amid increasing doubts of a breakthrough in the upcoming US-China trade talks.
The bank s board and shareholders approved setting off accumulated losses of Rs 7,360.29 crore as of March 31, 2019, against the balance lying in share premium account and revenue reserve account of bank as on date of set-off, the bank said.
The bank also slashed its retail term deposit and bulk term deposit interest rates by 10 bps and 30 bps, respectively, for 1 year to less than 2 years tenor, with effect from October 10, 2019.