SBI dips 3% post deposit rate cut, Uttam Galva loan default; recovers later

At 9:44 am, SBI was trading 1.2 per cent lower at Rs 184 apiece on the NSE, as against a 0.5 per cent rise in the benchmark Nifty50 index.

Shares of State Bank of India (SBI) slipped 3.2 per cent to Rs 180.45 on the National Stock Exchange (NSE) on Wednesday after the bank slashed its marginal cost-based lending rate (MCLR) by 35 basis points across all tenors. 

On Tuesday, India's largest public lender cut its marginal cost of funds-based lending rate (MCLR) for the 11th consecutive time in FY 2019-20, following rate cut announced by the Reserve Bank of India to tackle the economic fallout from the coronavirus pandemic. The one year MCLR will be 7.40 per cent per annum with effect from April 10, 2020.

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