Shares of Union Bank of India fell nearly 6 percent in early trade on Wednesday after the lender reported a weak business update for the first quarter of the current financial year.

The bank's loan book grew 6.8 percent year-on-year, marking the slowest pace in the last four quarters and the fourth consecutive quarter of single-digit loan growth. As of June-end, the bank’s loan book stood at Rs 22.1 lakh crore, compared to Rs 21.08 lakh crore in the year-ago period.

On the NSE, the stock slipped as much as 5.8 percent to an intraday low of Rs 141.54. It has declined nearly 7 percent over the past three sessions. However, the stock recovered some losses and was trading at Rs 143.74, down 4.33 percent, around 10:40 am.

Total deposits grew 3.63 percent to Rs 12.39 lakh crore from Rs 11.96 lakh crore a year ago. This was the sixth straight quarter of single-digit growth in deposits.