SBI shares end nearly 5% lower; m-cap drops by Rs 10,709 cr on Q1 loss

SBI shares ended nearly 5 per cent lower today, wiping out Rs 10,708.93 crore from the market valuation after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

The stock dropped 3.79 per cent to settle at Rs 304.45 on BSE. Intra-day, it plunged 4.85 per cent to Rs 301.10.

At NSE, shares of the company slumped 4.63 per cent to end at Rs 302.70.

The stock was the worst hit among the blue chips on both the key indices.

Led by the drop in the stock, the company's market valuation plunged Rs 10,708.93 crore to Rs 2,71,709.07 crore.

In terms of equity volume, 64.62 lakh shares of the company were traded on BSE and over 11 crore shares changed hands at NSE during the day.

The country's largest lender SBI today reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.

The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing.

The bank's gross non-performing assets (NPAs) rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago.

However, net NPA marginally declined to 5.29 per cent from 5.97 per cent earlier.

Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year.