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State Bank of India shares fell by over 3 per cent on the Bombay Stock Exchange today, hit by its poor fourth quarter performance.
The scrip plunged by 3.41 per cent to a one-month low of Rs 2,360.75 on the BSE in the early trade today. At 1.16 p.m., it was quoting at Rs 2,340.90, down 3.01 per cent from the previous close.
During the last two trading sessions, the stock has nosedived by over 12 per cent. The scrip took a similar beating on the National Stock Exchange, where it tanked by 3.34 per cent to Rs 2,334.
Marketmen attributed the downslide in the stock to its disappointing fourth quarter earnings and the decision of three major brokerage firms — Morgan Stanley, Bank of America-Merrill Lynch and Goldman Sachs — to slash their target price for SBI.
The bank had reported a 99 per cent drop in net profit to Rs 20.8 crore for the fourth quarter ended March 31, 2011, pulled down by higher provisioning against bad loans and increased tax outgo.
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