State Bank of India fell 1.28% to Rs 1,865 at 11:23 IST on BSE on equity dilution worries after the state-run bank received government approval to raise funds through a qualified institutional placement in the current financial year.
Meanwhile, the S&P BSE Sensex was down 66.18 points or 0.31% at 21,260.24
On BSE, 89,522 shares were traded in the counter as against average daily volume of 4.02 lakh shares in the past one quarter.
The stock hit a high of Rs 1,899.40 and a low of Rs 1,861.15 so far during the day. The stock hit a 52-week high of Rs 2,550 on 10 January 2013. The stock hit a 52-week low of Rs 1,452.90 on 28 August 2013.
The stock had outperformed the market over the past one month till 9 December 2013, rising 8.31% compared with the Sensex's 3.19% rise. The scrip also outperformed the market in past one quarter, gaining 15.67% as against Sensex's 10.67% rise.
The large-cap company has an equity capital of Rs 684.03 crore. Face value per share is Rs 10.
Shares of State Bank of India (SBI) declined today, 10 December 2013 on equity dilution concerns after the sate-run bank after market hours on Monday, 9 December 2013 said that the Government of India (GoI), on Monday, 9 December 2013, has accorded its approval to SBI to raise Rs 9576 crore of equity during the financial year (FY) ending 31 March 2014 from the market by way of Qualified Institutions Placement (QIP) as per law with the condition that the GoI holding shall not come down below 58%. The GoI has also accorded its approval to SBI to increase its Issued Capital by Rs 11576 crore [Rs 2000 crore (including premium) towards preferential allotment of equity shares in favour of GoI and Rs 9576 crore (including premium) towards raising of equity from the market] in accordance with Section 5(2) of SBI Act, 1955, subject to requisite approvals.
SBI's net profit fell 35.1% to Rs 2375.01 crore on 12.9% increase in total income to Rs 37,199.92 crore in Q2 September 2013 over Q2 September 2012.
The Government of India (GoI) holds 62.31% stake in SBI (as per the shareholding pattern as on 30 September 2013).
Powered by Capital Market - Live News
