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Shares of State Bank of India slumped over 3 per cent in the morning trade on weak third quarter earnings.
The SBI Group had on February 9 reported a massive Rs 1,886.57 crore net loss for the December quarter of the current fiscal due to increase in bad loans and provisioning. It had, in contrast, reported a net profit of Rs 2,152.14 crore for the October-December quarter of 2016-17 fiscal.
Reacting to the numbers, SBI shares opened at Rs 288 and slumped 3.85 per cent to touch an intraday low of Rs 285 on the BSE. Similarly on the NSE, the stock opened at Rs 288.25, then fell to a low of Rs 285.15, registering a fall of 3.79 per cent over its previous closing price.
The nation’s largest lender saw its net bad loans ratio rising to 5.61 per cent of advances,from 4.24 per cent during the third quarter of 2017-18. Meanwhile, gross dud assets ratio jumped from 7.23 per cent to cross the double-digit mark at 10.35 per cent during the quarter under review.
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