SBI Cards slumps on heavy volumes

SBI Cards and Payment Services tumbled 3.20% to Rs 989.40, amid heavy volumes.

On the BSE, 4.75 crore shares were traded in the counter so far compared with average daily volumes of 1.19 lakh shares in the past one quarter.

On NSE, 1.59 crore shares were traded on the counter so far compared to average daily volume of 15.19 lakh shares in the past one quarter.

Shares of credit card provider hit a high of Rs 1008 and a low of Rs 977.20 so far during the day.

According to the media reports, private equity firm Carlyle Group will sell a part of its stake in SBI Cards & Payments Services.

As of 31 December 2020, CA Rover Holdings, a Carlyle entity, held a 15.86% stake in the credit card company.

At the time of SBI Cards' initial public offering (IPO) in March last year, the Carlyle Group had sold 9.33 crore shares of the company. Pre-IPO, it owned 26% of the total outstanding equity share capital of the company.

SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle.

The company reported a 52% fall in net profit to Rs 210 crore on a 1% decline in net total income to Rs 2,540 crore in Q3 FY21 over Q3 FY20.

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