State Bank of India: Announcements (SBIN)

07 Oct 2011 08:40:32Source: Dion Global

State Bank of India shares are facing another bloodbath on the bourses as investors continued their selling activity of stock. The share price has slipped as much as 3 per cent today after declining 4.08 per cent yesterday following the downgrading of rating of State Bank of India, India's largest bank by Moody's.

Despite of broader market scenario, SBI shares are continuing to plunge today, as the share has touched the day's low of Rs 1,731.40, declined as much as 3.10 per cent.

Currently share price is trading at 1,745.50 low by 2.31 per cent at 12.43 PM on Bombay stock exchange.

Moreover, the impact of downgrading the SBI has dragged whole of the Bankex space into red zone, as index is down by 1.16 per cent so far on the bourses.

Yesterday, Moody has downgraded the SBI's financial strength to D+ from C- along with the hybrid debt rating, which declined to Ba3 from Ba2.