SBI shares end nearly 5% lower; m-cap drops by Rs 10,709 crore on Q1 loss

Intra-day, it plunged 4.85 percent to Rs 301.10.

SBI shares end nearly 5% lower; m-cap drops by Rs 10,709 crore on Q1 loss

New Delhi: SBI shares ended nearly 5 percent lower on Friday, wiping out Rs 10,708.93 crore from the market valuation after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

The stock dropped 3.79 percent to settle at Rs 304.45 on BSE. Intra-day, it plunged 4.85 percent to Rs 301.10.

At NSE, shares of the company slumped 4.63 percent to end at Rs 302.70.

The stock was the worst hit among the blue chips on both the key indices.

Led by the drop in the stock, the company's market valuation plunged Rs 10,708.93 crore to Rs 2,71,709.07 crore.

In terms of equity volume, 64.62 lakh shares of the company were traded on BSE and over 11 crore shares changed hands at NSE during the day.

The country's largest lender SBI today reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.

The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing.

The bank's gross non-performing assets (NPAs) rose to 10.69 percent of total advances at the end of June, against 9.97 percent a year ago.

However, net NPA marginally declined to 5.29 percent from 5.97 percent earlier.

Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year.

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