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SBI shares dropped as much as 1.75 per cent on Tuesday as the lender has announced a 30-basis-point cut in old lending rate benchmarks — Base Rate and Benchmark Prime Lending Rate — in a bid to bring new year cheer to customers whose loans are still linked to these benchmarks.
With effect from January 1, 2018, the revised base rate is 8.65 per cent (8.95 per cent earlier) for existing customers and Benchmark Prime Lending Rate is 13.40 per cent (13.70 per cent).
Shares of the country's largest lender opened the session slightly higher at Rs 308.10 against the previous close of Rs 307.05, touched an intraday high of Rs 308.85 and a low of Rs 301.65. In terms of equity volume, 11.88 lakh shares were traded on the BSE.
In November last year, the lender had raised interest rates on bulk deposits of above ₹1 crore by 100 basis points or one percentage point. Bulk deposits for seven to 45 days will now fetch 4.75 per cent compared with 3.75 per cent earlier.
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