Shares of State Bank of India Ltd fall as much as 2.4 per cent to Rs 308.05, in their biggest intraday drop since March 27. Jet Airways (India) Ltd, which halted operations indefinitely on Wednesday, has debts of roughly $1.2 billion, with SBI being its biggest lender.

Lenders led by SBI rejected Jet's plea for emergency funds on Wednesday, with a source telling Reuters that “bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding.”

Jet Airways’ shares were hammered on Thursday , falling as much as 34 per cent to their lowest in over 10 years.

SBI has a forward PE of 54.12, more than double the sector avg of 23.97. Up to Tuesday's close, stock had risen 6.7 per cent this year, compared with an 8.5 per cent increase in the broader NSE index.

The stock of SBI closed lower by 1.5 per cent at Rs 310.90 in the BSE index while in the Nifty the stock ended 1.76 per cent lower at Rs 310.20.

The scrips of Jet Airways nosedived 32.12 per cent to Rs 163.90 in Sensex and in the broader index, the scrip plunged 31.08 per cent to Rs 165.75.

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