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State Bank of India scrip dips over 8% after quarterly results

PTI     May 17, 2011
Shares of State Bank of India (SBI) plunged over 8 per cent during intra-day trade on the bourses on Tuesday after its net profit for the quarter ended March nosedived to Rs 20.88 crore.

Reacting to the numbers, the stock of country's largest lender dropped 8.26 per cent to touch a one-month low of Rs 2,401 on the Bombay Stock Exchange (BSE) during intra-day trade.

The scrip took a similar beating on the National Stock Exchange, where it plummeted 8.22 per cent to touch an intra-day low of Rs 2,401.

The net profit of SBI for the fourth quarter slipped to Rs 20.88 crore from Rs 1,866.60 crore in the same quarter last financial year, mainly on account of higher provisioning against bad loans, operating expenses (including employee costs) and a tax outgo of over Rs 900 crore.

The fall in the blue chip stock was also instrumental in dragging the BSE bellwether Sensex down 217.03 points to 18,128 in late afternoon trade.

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