State Bank of India approves 10-for-one stock split

Top lender State Bank of India (SBI) said on Wednesday its board had approved a 10-for-one stock split.

SBI will reduce the face value of each equity share to 1 rupee from 10 rupees now, it said in a regulatory filing.

State-run Punjab National Bank and top private sector lender ICICI Bank this month approved stock splits. Companies typically split shares to make those attractive for retail investors.

Ahead of the announcement, SBI shares closed 2.7 per cent down at Rs 2,486.35, underperforming a 0.2 per cent fall in the Nifty.

(Reuters)