SBI stock dips over 8% after Q4 results

The scrip took a similar beating on the National Stock Exchange,where it plummeted by 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 of the previous fiscal 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 by 217.03 points to 18,128 in late afternoon trade.

Banking shares plummet,SBI down 7%: Reuters

Shares of Indian banks were trading lower after the country’s top lender State Bank of India reported lower-than-expected earnings,several dealers said. SBI’s fourth quarter profit was 209 million rupees as against a Reuters’ estimate of 30.33 billion rupees. At 2.05 p.m.,the bank index of the BSE was down 2.48 percent,underperforming the benchmark index ,which was down 1.29 percent. Shares of SBI,ICICI Bank,IDBI,Union Bank of India,Bank of Baroda and Canara Bank were down 2-7 percent.

State Bank of India shares slip 4%

Initially,State Bank of India (SBI) shares fell more than 4 percent in afternoon trade after India’s top lender reported an unexpected sharp plunge in quarterly net profit (Q4 results) on Tuesday.

The state-run bank,which along with its associates controls about a quarter of Indian bank loans and deposits,posted a net profit of 209 million rupees ($4.6 million) in the fourth quarter ended March,versus 18.67 billion rupees a year ago.

A poll of brokerages had forecast a profit of 30.33 billion rupees.

State Bank said provision for bad loans in the quarter rose to 32.64 billion rupees from 21.87 billion rupees a year ago.

At 1:16 p.m. (0746 GMT),SBI stock was down 4.8 percent at 2,488 rupees in a weak Mumbai market .

($145.2 rupees)