SBI shares gain nearly 5%; market capitalisation rises by Rs 8,077 cr after Q4 earnings release
Shares of SBI on Tuesday rose by nearly 5 percent even as the company reported a record standalone net loss of Rs 7,718 crore in the fourth quarter ended March
New Delhi: Shares of SBI on Tuesday rose by nearly 5 percent even as the company reported a record standalone net loss of Rs 7,718 crore in the fourth quarter ended March.
The stock gained 3.69 percent to end at Rs 254.15 on BSE. During the day, it went up by 6 percent to Rs 259.90.
On NSE, shares of the company surged 4.60 percent to close at Rs 255.70 .
Led by the rise in the stock, the company's market valuation rose by Rs 8,077.39 crore to Rs 2,26,818.39 crore.
In terms of equity volume, 44.89 lakh shares of the company were traded on BSE and over 6 crore shares changed hands on NSE during the day.
The country's largest lender SBI on Tuesday reported a record standalone net loss of Rs 7,718 crore in the fourth quarter ended March, mainly due to sharp rise in provisioning for bad loans.
Besides, a lower investment income as well as higher provisioning for wage revision dented the profits of the state-owned lender, SBI said in a statement.
The bank had registered a net profit of Rs 2,815 crore in the corresponding quarter of preceding fiscal ended March 31, 2017.
In the March quarter, the bank's provisions for non-performing assets (NPAs) jumped 119 percent to Rs 24,080 crore as against Rs 10,993 crore in same period of 2016-17, showed the bank's regulatory filing to exchanges.
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