SBI tanks 5 pc on poor Q2 numbers in early trade

The State Bank of India (SBI) today plunged nearly five per cent in the early trade on BSE, after the lender yesterday reported a 22.2 per cent decline in its second quarter net profit.

The State Bank of India (SBI) today plunged nearly five per cent in the early trade on BSE, after the lender yesterday reported a 22.2 per cent decline in its second quarter net profit.

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Reacting to the September quarter numbers, shares of the country's largest lender slipped by 4.9 per cent to an early low of Rs 3,254.90 on the Bombay Stock Exchange (BSE), becoming the worst performer on the 30-share benchmark Sensex.

Similarly, the scrip lost 4.33 per cent to trade at Rs 3,276.60 in the morning session on the National Stock Exchange.

Yesterday, SBI had posted a 22.2 per cent decline in its consolidated net profit to Rs 2,437.1 crore for the second quarter ended September 30, against Rs 3,133.1 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 per cent and 0.42 per cent, respectively, while the mortgage lender HDFC was down by 0.60 per cent on the BSE. Meanwhile, Sensex was trading firm at 20,921, up 68.62 points from the previous close.