The Bank of India has reported a net loss of Rs 56.1 crore for the March quarter and as a result of that the shares of it plunged 7.61 percent intraday.

In last fiscal, during corresponding quarter the PSU bank has logged a net profit of Rs 558 crore.

The stock was down 6.22 percent or Rs 12.70 at Rs 191.4.

The gross margins increased to 5.39 percent in January-March as against 4.07 percent in the previous quarter.

The bank has made Rs 2,260 crore provision in the Q4 FY15.

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