October 4: Behind the lens
People walk in front of a signboard displayed at the head office of SBI
Ratings agency Moody's Investors Service on Tuesday downgraded the standalone rating for SBI, the country's top lender, citing its "modest" capital and weakening asset quality, sending its shares to a two-year low.
"Our expectations that non-performing assets are likely to continue rising in the near-term - due to higher rates and a slower economy - have caused us to adopt a negative view on SBI's creditworthiness," Beatrice Woo, Moody's Vice President and Senior Credit Officer, said in a statement.
Shares of in the state-controlled bank were down as much as 4.5% after the downgrade to a low of Rs 1,778. At 1.09 pm, shares of the lender, valued at about $24 billion, were off 4.06% at Rs 1,785.95.
(Pictures by Reuters)
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