State Bank of India (SBI) has moved higher by 3.4% at Rs 1,702, recovering nearly 4% from intra-day’s low on NSE, on reports that the state-owned lender has stopped loans to road projects with land trouble due to rising non performing assets (NPAs).
The stock opened at Rs 1,643 and hit a low of Rs 1,640 in early morning deals on NSE. A combined 3.12 million shares change hands on the counter till 1515 hours on BSE and NSE.
Meanwhile, SBI termed the downgrade by Moody's Investor Services of the lender's unsecured debt and rupee deposits as unwarranted. The bank claims it remains well capitalised and said its growth is supported by strong risk mitigation measures, the Financial Express report suggests.
The stock has underperformed the market by falling nearly 9% in past three trading sessions till yesterday as compared to 1.35% decline in benchmark S&P BSE Sensex.
Moody's, on Monday, had cut the ratings on the unsecured debt and rupee deposits of SBI to Baa3 from Baa2, citing negative pressures on the bank's financials. The rating agency had also lowered the outlook on the bank's financial strength to negative from stable.
The stock opened at Rs 1,643 and hit a low of Rs 1,640 in early morning deals on NSE. A combined 3.12 million shares change hands on the counter till 1515 hours on BSE and NSE.
Meanwhile, SBI termed the downgrade by Moody's Investor Services of the lender's unsecured debt and rupee deposits as unwarranted. The bank claims it remains well capitalised and said its growth is supported by strong risk mitigation measures, the Financial Express report suggests.
The stock has underperformed the market by falling nearly 9% in past three trading sessions till yesterday as compared to 1.35% decline in benchmark S&P BSE Sensex.
Moody's, on Monday, had cut the ratings on the unsecured debt and rupee deposits of SBI to Baa3 from Baa2, citing negative pressures on the bank's financials. The rating agency had also lowered the outlook on the bank's financial strength to negative from stable.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%