SBI shares fall over 3% on weak Q3 results
State Bank of India shares slump more than 3% in morning trade on the bourses after the company reported weak December quarter results
New Delhi: Shares of State Bank of India (SBI) on Monday slumped more than 3% in morning trade on the bourses after the company reported weak third quarter results.
The SBI Group on Friday reported a massive Rs1,886.57 crore net loss for the December quarter of the current fiscal as its bad loans and provisions spiked. It had, in contrast, reported a net profit of Rs2,152.14 crore for the October-December quarter of the last fiscal, 2016-17.
Reacting to the numbers, shares of the company opened at Rs288 and slumped 3.85% to touch an intraday low of Rs285 in morning trade on the BSE. Similar movement was seen on the NSE as well where the company opened at Rs288.25, then fell to a low of Rs285.15, registering a fall of 3.79% over its previous closing price.
The nation’s largest lender saw its net bad loans ratio spiking to 5.61% of advances, from 4.24% during the third quarter of 2017-18. The gross dud assets ratio jumped meanwhile from 7.23% to cross the double digits mark at 10.35% during the quarter under review.
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