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Shares of State Bank of India (SBI) plunged by over 8 per cent during intra-day trade on the bourses on Tuesday after its net profit for the quarter ended March, 2011, nosedived to Rs 20.88 crore.
Reacting to the numbers, the stock of country’s largest lender dropped by 8.26 per cent to touch a one-month low of Rs 2,401 on the Bombay Stock Exchange (BSE) during intra-day trade.
The scrip took a similar beating on the National Stock Exchange, where it plummeted by 8.22 per cent to touch an intra-day low of Rs 2,401.
The net profit of SBI for the fourth quarter slipped to Rs 20.88 crore from Rs 1,866.60 crore in the same quarter of the previous fiscal mainly on account of higher provisioning against bad loans, operating expenses, including employee costs and a tax outgo of over Rs 900 crore.
The fall in the blue chip stock was also instrumental in dragging the BSE bellwether Sensex down by 217.03 points to 18,128 in late afternoon trade.
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