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SBI shares fall over 3% on weak Q3 earnings

Shares of the company opened at Rs 288 and slumped 3.85% to touch an intra-day low of Rs 285 in morning trade on the Bombay Stock Exchange.

business Updated: Feb 12, 2018 10:38 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
SBI,SBI share price,SBI Q3
The State Bank of India (SBI) office building is pictured in Kolkata, India. (REUTERS)

State Bank of India saw its shares plunge by more than 3% in morning trade on the bourses after the company reported weak third quarter earnings.

The SBI Group on February 9 reported a massive Rs 1,886.57 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 Rs 2,152.14 crore for the October-December quarter of the last fiscal, 2016-17.

Reacting to the numbers, shares of the company opened at Rs 288 and slumped 3.85% to touch an intra-day low of Rs 285 in morning trade on the Bombay Stock Exchange.

Similar movement was seen on the NSE as well, where the company opened at Rs 288.25, then fell to a low of Rs 285.15, 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.

First Published: Feb 12, 2018 10:37 IST