SBI falls 1pc on merger nod
The shares of State Bank of India fell more than 1 per cent after the Cabinet approved the merger of State Bank of Indore with the largest lender.
By PTI |
MUMBAI: The shares of State Bank of India fell more than 1 per cent after the Cabinet approved the merger of State Bank of Indore with the largest lender.
The State Bank counter closed 1.01 per cent down at Rs 2,439.45 on the Bombay Stock Exchange, after touching an intra-day low of 1.23 per cent to touch an intra-day low of Rs 2,434.
The Cabinet today cleared the merger of State Bank of Indore with SBI, a move that would help the largest lender to scale up operations and cut costs.
On a similar line, SBI settled at Rs 2,439.50, down 1.01 per cent on the National Stock Exchange. On volume front a total of over 10 lakh shares of SBI changed hands on both the bourses.
Meanwhile, the broader Sensex also settled in the red, down 0.16 per cent.
Other State Bank Group banks like State Bank of Bikaner & Jaipur finished up 3.11 per cent, State Bank of Mysore up 2.40 per cent and State Bank of Travancore 2.83 per cent higher.
SBI holds 98 per cent stake in State Bank of Indore. The merger proposal was approved by the central board of SBI last year. Following this, the Centre also gave an in-principle approval.
The State Bank counter closed 1.01 per cent down at Rs 2,439.45 on the Bombay Stock Exchange, after touching an intra-day low of 1.23 per cent to touch an intra-day low of Rs 2,434.
The Cabinet today cleared the merger of State Bank of Indore with SBI, a move that would help the largest lender to scale up operations and cut costs.
On a similar line, SBI settled at Rs 2,439.50, down 1.01 per cent on the National Stock Exchange. On volume front a total of over 10 lakh shares of SBI changed hands on both the bourses.
Meanwhile, the broader Sensex also settled in the red, down 0.16 per cent.
Other State Bank Group banks like State Bank of Bikaner & Jaipur finished up 3.11 per cent, State Bank of Mysore up 2.40 per cent and State Bank of Travancore 2.83 per cent higher.
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SBI holds 98 per cent stake in State Bank of Indore. The merger proposal was approved by the central board of SBI last year. Following this, the Centre also gave an in-principle approval.
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