State Bank of India fell 0.37% to Rs 253.45 at 10:20 IST on BSE after the Central Board of the bank cleared a proposal of preferential allotment of equity shares to Government of India, the principal shareholder of the bank.
The bank made the announcement after market hours yesterday, 25 August 2015.
Meanwhile, the BSE Sensex was down 73.03 points, or 0.28% to 25,959.35.
On BSE, so far 4 lakh shares were traded in the counter, compared with an average volume of 15.80 lakh shares in the past one quarter.
The stock hit a high of Rs 253.70 and a low of Rs 248.75 so far during the day. The stock had hit 52-week high of Rs 335.90 on 28 January 2015. The stock hit a 52-week low of Rs 234.52 on 8 October 2014.
The stock had outperformed the market over the past one month till 25 August 2015, sliding 3.83% compared with 7.4% fall in the Sensex. The stock had, however, underperformed the market in past one quarter, declining 8.75% as against Sensex's 5.83% decline.
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The large-cap PSU bank has an equity capital of Rs 756.62 crore. Face value per share is Re 1.
State Bank of India announced that the Central Board of the bank has cleared a proposal of preferential allotment of equity shares aggregating up to Rs 5393 crore to Government of India, the principal shareholder of the bank.
SBI's net profit rose 10.3% to Rs 3692.43 crore on 9.8% growth in total income to Rs 44730.87 crore in Q1 June 2015 over Q1 June 2014.
SBI is India's biggest commercial bank in terms of branch network. Government of India holds 59.15% stake in State Bank of India (as per the shareholding pattern as on 30 June 2015).
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