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  1. SBI shares fall over 2% from day’s high as news of Rs 842 crore fraud grips India’s largest bank

SBI shares fall over 2% from day’s high as news of Rs 842 crore fraud grips India’s largest bank

Shares of State Bank of India fell over 2% in the late afternoon trades on Wednesday from day's high stock price on news of Rs 842 crore fraud involving Chennai based jeweller Kanishk Gold.

By: | Updated: March 21, 2018 2:55 PM
shares of SBI slipped as much as 2.56% to a day’s low of Rs 247.8 from the day’s high of Rs 254.3 on NSE today. (Image: Reuters)

Shares of State Bank of India fell over 2% in the late afternoon trades on Wednesday from day’s high stock price on news of Rs 842 crore fraud involving Chennai based jeweller Kanishk Gold. According to a news report by The Times of India, Kanishk Gold Pvt Ltd has defrauded a loan amount worth Rs 842.15 crore, lent by a consortium of 14 public and private banks, to which SBI was the lead banker. State Bank of India has written a letter to the investigative agency the Central Bureau of Investigation informing about the case, The Times of India report added.

Following the blow, shares of India’s largest bank by assets and the nation’s second-largest bank by market capitalisation State Bank of India slipped as much as 2.56% to a day’s low of Rs 247.8 from the day’s high of Rs 254.3 on NSE today. The stock of State Bank of India extended gains after opening marginally higher at Rs 251.75 on Wednesday. The stock of SBI surged as high as 2.09% to a day’s high of Rs 254.3.

A gradual spike was seen in the trading volumes in the shares of State Bank of India, as at 2:44 pm, more than 1.73 crore shares exchanged hands on both NSE and BSE with about 1.61 crore shares on NSE alone.

Out of the other banking stocks which also declined in the afternoon deals include Federal Bank, Yes Bank, ICICI Bank, Bank of Baroda, Union Bank of India and Syndicate Bank. Out of these bankers, shares of ICICI Bank were the worst hit. The stock of ICICI Bank shed 1.2% to a day’s low of Rs 288.5 followed by the shares of Syndicate Bank (down 1.3%), Union Bank of India (down 0.93%), Bank of Baroda (down 0.88%), Yes Bank (down 0.56%) and Federal Bank (down 0.49%). The benchmark banking indices were trading mixed with Nifty Bank up 0.26% and Nifty PSU Bank down 0.18%.

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