Indian Overseas Bank Receives ₹1,359-Crore Tax Refund Order

Indian Overseas Bank (IOB) witnessed a 5% surge in its share price after the state-owned lender confirmed receiving a tax refund of  ₹1,359.29 crore for the 2015-16 assessment year. This refund, including interest, was confirmed by the bank in a filing with the stock exchanges. The news follows previous tax refunds the bank received in recent months, strengthening investor confidence.

IOB’s Latest Tax Refund and Market Response

IOB’s receipt of a tax refund of ₹1,359.29 crore for the assessment year 2015-16 was confirmed on December 10, 2024, through the Income Tax Portal. This significant amount, which includes interest, has been welcomed by the market, with IOB’s shares rising upto 5% in the morning session of December 11, 2024.

The refund represents a positive step in the bank’s financial recovery, reinforcing its compliance with tax regulations and improving its liquidity position. This news is a welcome development for investors, offering reassurance about the bank’s operational strength.

A Series of Refunds for IOB

In addition to the recent refund, IOB received another tax refund of ₹1,238 crore in November 2024 for the assessment year 2019-20, also including interest under Section 244-A of the Income Tax Act. Earlier, in September 2024, the bank disclosed a refund of ₹123.8 crore for the 2021-22 assessment year.

IOB Share Performance

As of December 10, 2024, 11:35 AM, shares of IOB are trading at ₹57.68 per share, up 1.42% from its previous day’s closing price. Over the last month, the stock has seen a surge of 9.62%. The stock has a 52-week high and 52-week low of ₹83.75 per share and ₹40.75 per share respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.