SBI drops after cutting base rate

State Bank of India lost 3.19% to Rs 257.75 at 12:14 IST on BSE after the bank reportedly slashed its base rate by 15 basis points to 9.7%, effective from 8 June 2015.

Meanwhile, the S&P BSE Sensex was down 440.23 points or 1.62% at 26,748.15

On BSE, so far 12.56 lakh shares were traded in the counter as against average daily volume of 18.29 lakh shares in the past one quarter.

The stock saw high intraday volatility. The stock hit a high of Rs 268 and a low of Rs 255.65 so far during the day. The stock had hit a 52-week high of Rs 335.90 on 28 January 2015. The stock had hit a 52-week low of Rs 234.52 on 8 October 2014.

The large-cap public sector bank has equity capital of Rs 756.62 crore. Face value per share is Re 1.

State Bank of India (SBI)'s base rate reduction came after the Reserve Bank of India (RBI) announced cut in the benchmark lending rate viz. the repo rate by 25 basis points to 7.25% after a monetary policy review yesterday, 2 June 2015.

SBI's net profit rose 23.1% to Rs 3742.02 crore 14.5% rise in total income to Rs 48616.41 crore in Q4 March 2015 over Q4 March 2014.

Government of India holds 58.6% stake in SBI (as on 31 March 2015).

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