SBI tanks 5% on poor Q2 numbers in early trade

SBI tanks 5% on poor Q2 numbers in early trade

Mumbai: The State Bank of India (SBI) on Tuesday plunged nearly 5% in the early trade on BSE, after the lender yesterday reported a 22.2% decline in its second quarter net profit.

Reacting to the September quarter numbers, shares of the country’s largest lender slipped by 4.9% to an early low of Rs3,254.90 on the Bombay Stock Exchange (BSE), becoming the worst performer on the 30-share benchmark Sensex.

Similarly, the scrip lost 4.33% to trade at Rs3,276.60 in the morning session on the National Stock Exchange.

Yesterday, SBI had posted a 22.2% decline in its consolidated net profit to Rs2,437.1 crore for the second quarter ended 30 September, against Rs3,133.1 crore in the same period last year.

Among the other major banking stocks, private-sector lenders ICICI Bank and HDFC Bank were trading in a positive terrain with a gain of 0.53% and 0.42%, respectively, while the mortgage lender HDFC was down by 0.60% on the BSE.

Meanwhile, Sensex was trading firm at 20,921, up 68.62 points from the previous close.