SBI falls over 1% on profit booking

State Bank of India, the country's largest lender, today declined over 1 per cent on the Bombay Stock Exchange in early trade due to profit booking after a recent rally in stocks on impressive quarterly results.

Shares of SBI fell 1.38 per cent to an early low of Rs 2,810 on the Bombay Stock Exchange.

The scrip declined by 1.42 per cent to Rs 2,809.55 on the National Stock Exchange. The stock was among the volume toppers, with about 5.6 lakh shares traded on the bourses in the morning trade.

Meanwhile, the 30-share benchmark Sensex was trading flat at 18,142.09 points.

The shares of SBI had hit an all-time high of Rs 2,879.95 last week after the bank posted a jump of 25 per cent in its net profit to Rs 2,914.2 crore for the April-June quarter.

Besides, SBI today raised its benchmark prime lending rate by 50 basis points to 12.25 per cent and hiked fixed deposit rate by up to 1.5 per cent across various maturities.