SBI slips 2pc amid downgrade report, overall market decline | business | Hindustan Times
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SBI slips 2pc amid downgrade report, overall market decline

business Updated: Nov 12, 2010 13:54 IST

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Mumbai: The State Bank of India, on declined nearly two per cent in the first half of trading on BSE amid a media report that the Reserve Bank has downgraded the country's largest lender, as well as the overall decline in stock markets.

Shares of SBI plunged 1.8 per cent to Rs 3,117.50 on the Bombay Stock Exchange, which was down close to 300 points. Similarly, the scrip was trading 1.83 per cent lower at Rs 3,117.95 on the National Stock Exchange, also trading down.

According to a newspaper report, the Reserve Bank of India (RBI) has downgraded SBI from B to B-, following an inspection of the bank’s books for the fiscal year ended March 2009.

The rating is based on the six parameters known as CAMELS (capital, asset quality, management, earnings, liquidity, and systems and controls), the report added. Meanwhile, the 30-share benchmark Sensex was trading at 20,298.88, down 290.21 points from previous close.