SBI plummets over 8%; m-cap down Rs 12,867 cr on weak results
Mumbai: Shares of SBI Thursday fell sharply by over 8 percent, wiping-off Rs 12,867 crore from its market value, after the state-owned lender reported 18.54 percent decline in net profit for the fourth quarter ended March 31.
Following the earning results, shares of State Bank of India plummeted by 8.87 percent to Rs 2,154.5 in intra-day trade on the BSE. SBI scrip finally ended at Rs 2,176.20, down 7.96 percent from its previous close.
At NSE, it settled at Rs 2,171.65, down 8.10 percent.
The market value of SBI tanked by Rs 12,867 crore to Rs 1,48,859 crore.
The banking sector bellwether was the top loser on the BSE 30-stock index, Sensex.
"As SBI announced its Q4 results, with net profit falling by 18.5 percent on a Y-o-Y basis, the stock was seen plunging by more than 8 percent," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
Country's largest bank SBI Thursday reported 18.54 percent decline in Q4 net profit at Rs 3,299 crore on account of lower interest income. It had logged net profit of Rs 4,050.27 crore in the January-March quarter of 2011-12 fiscal.
The standalone total income of the bank rose to Rs 36,331 crore during the quarter, from Rs 33,959 crore in Q4, 2011-12 fiscal, SBI said in a statement.
Its net interest income declined 4.42 percent to Rs 11,591 crore during the fourth quarter.
The gross Non-performing Assets (NPAs), which represents portion of bad loans, stood at Rs 51,189 crore at the end of March, up from Rs 39,676 crore in the year-ago period.
The gross NPA as a percentage of total loan rose to 4.75 percent during the quarter, from 4.44 percent in the year ago period.
The Sensex, meanwhile, closed at 19,674.33, down 387.91 points. PTI