State Bank of India share price: Shares of India’s largest PSU bank State Bank of India fell over 2% in early morning deals on Friday just ahead of the announcement of its quarterly results for the April-June period, 2018. The slip in State Bank of India share price also followed the announcement made by the bank on Thursday that the Executive Committee of Central Board (ECCB) has accorded approval to explore and initiate the process of selling 4% of its existing shareholding in SBI General Insurance to a non-promoter entity.
Shares of India’s biggest bank by assets State Bank of India slipped by 2.40% to a low of Rs 308.85 on the BSE, deducting 21.16 points from the BSE Sensex index. SBI emerged as the top drag on the S&P BSE Bankex index, followed by Bank of Baroda, ICICI Bank, Federal Bank, Axis Bank and HDFC Bank shares. On The National Stock Exchange, State Bank of India shares edged lower to Rs 308.70 per share, down 2.74% in early morning trade session on Friday.
In a regulatory filing to the BSE, SBI on Thursday informed that the Executive Committee of Central Board has accorded approval to explore and initiate the process of selling 4% of its shareholding in SBI General Insurance to a non-promoter entity through small parcel share sale (SPSS). “Pursuant to the applicable provisions of the SEBI (LODR) Regulations, we advise that Executive Committee of Central Board (ECCB) in its meeting held today on August 9, 2018 has accorded approval to explore and initiate the process of divestment upto 4% of stake of SBI in SBI General lnsurance Company Limited to a non-promoter entity through Small Parcel Share Sate (SPSS),” the BSE filing said.
In the last quarter of FY18, State Bank of India had reported a standalone net loss of Rs 7,718.17 crore due to doubling of bad loan provisions as compared to same quarter last year. The loss reported in the previous quarter was State Bank of India’s biggest-ever quarterly loss ever reported. On a sequential basis, SBI’s standalone net loss had risen over three-fold to Rs 7,718.17 crore as against a standalone net loss of Rs 2,416.37 crore in the October-December period of the financial year 2017-2018.