SBI drops in highly volatile trade

State Bank of India lost 1.65% to Rs 238 at 11:09 IST on BSE, with the stock witnessing high intraday volatility.

Meanwhile, the S&P BSE Sensex was up 174.93 points or 0.68% at 25,953.59.

On BSE, so far 5.22 lakh shares were traded in the counter as against average daily volume of 16.01 lakh shares in the past one quarter.

The stock was volatile. The stock fell as much as 1.85% at the day's low of Rs 237.50 so far during the day. The stock rose as much as 1.85% at the day's high of Rs 246.50 so far during the day. The stock had hit 52-week high of Rs 335.90 on 28 January 2015. The stock had hit a 52-week low of Rs 220.60 on 7 September 2015.

The stock had underperformed the market over the past one month till 29 September 2015, sliding 2.91% compared with Sensex's 2.33% fall. The scrip had also underperformed the market in past one quarter, declining 6.76% as against Sensex's 6.75% fall.

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

State Bank of India (SBI) announced before market hours today, 30 September 2015 that it has allotted 19.65 crore equity shares at an issue price of Rs 274.37 per share, aggregating to Rs 5393 crore to the Government of India, on preferential allotment basis.

The Government of India held 59.15% stake in SBI (as per the shareholding pattern as on 30 June 2015).

Meanwhile, SBI has reportedly cut its base rate by 40 basis points to 9.3% from 9.7% effective from 5 October 2015. The bank has also announced reduction in fixed deposit rates by 25 basis points across various maturities from 5 October 2015, reports indicated.

SBI's net profit rose 10.3% to Rs 3692.43 crore on 9.8% growth in total income to Rs 44730.87 crore in Q1 June 2015 over Q1 June 2014.

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