Shares of State Bank of India on Monday slumped more than 3 % in morning trade on the bourses after the company reported weak third quarter earnings.
The SBI Group on February 9 reported a massive ₹1,886.57 crore net loss for the December quarter of the current fiscal as its bad loans and provisions spiked.
It had, in contrast, reported a net profit of ₹2,152.14 crore for the October-December quarter of the last fiscal, 2016-17.
Reacting to the numbers, shares of the company opened at ₹288 and slumped 3.85 % to touch an intra-day low of ₹ 285 in morning trade on the BSE.
Similar movement was seen on the NSE as well where the company opened at ₹ 288.25, then fell to a low of ₹ 285.15, registering a fall of 3.79 % over its previous closing price.
The nation’s largest lender saw its net bad loans ratio spiking to 5.61 % of advances, from 4.24 % during the third quarter of 2017-18.
The gross dud assets ratio jumped meanwhile from 7.23 % to cross the double digits mark at 10.35 % during the quarter under review.
