Shares of the country's largest state-owned lender
State Bank of India (SBI) fell by over 3 per cent on the Bombay Stock Exchange on Wednesday, hit by its
poor fourth quarter performance.
SBI plunged 3.41 per cent to a month's low of Rs 2,360.75 on BSE in early trade on Wednesday. It was quoting at Rs 2,340.90 at 1.16 pm, down 3.01 per cent from the previous close.
During the last two trading sessions, the stock has nosedived over 12 per cent.
The scrip took a similar beating on the National Stock Exchange, where it tanked 3.34 per cent to Rs 2,334.
Marketmen attributed the downslide in the stock to its disappointing fourth quarter earnings and the decision of three major brokerage firms - Morgan Stanley, Bank of America-Merrill Lynch and Goldman Sachs - to slash their target price for SBI.
SBI had on Tuesday reported a 99 per cent drop in net profit to Rs 20.8 crore for the fourth quarter ended March 2011, pulled down by higher provisioning against bad loans and increased tax outgo.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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