SBI soars by 20%, posts biggest one-day gain on recapitalization plan

India Infoline News Service | Mumbai | October 25, 2017 10:02 IST

The country's largest lender is being seen as the biggest beneficiary of the plan.

State Bank of India
Shares of State Bank of India were up nearly 20% at around 10 AM, posting their highest one-day gain since their listing in 1994 after the government announced a Rs 2.11 lakh crore recapitalization plan for state-owned banks.

The shares of the public lender also hit their multi-year high of Rs 316.95.

The country's largest lender is being seen as the biggest beneficiary of the plan.

State Bank of India is currently trading at Rs 296.1, up by Rs 41.6 or 16.35% from its previous closing of Rs 254.5 on the BSE. The stock is currently trading above its 200 DMA. Nearly 59.2 mln shares of the bank have changed hands on the NSE so far, which was the highest since Aug 12, 2016.

SBI, is country’s largest bank with 23% & 21% market share in deposits & advances as of FY17 after its merger with associate banks. Further, its FY17 consolidated loan book stood at Rs.19.5 lakh cr. Its consolidated GNPA & NNPA stood at 9.1% & 5.2% as of FY17.

***Note: This is a NSE Chart

 

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