State Bank of India was down 0.11% to Rs 267.60 at 9:19 IST on BSE after the bank said that its board approved divesting 10% stake in SBI Life Insurance Company.
The announcement was made before trading hours today, 31 March 2015.
Meanwhile, the BSE Sensex was up 104.33 points, or 0.37%, to 28,080.19.
On BSE, so far 97,000 shares were traded in the counter, compared with an average volume of 21.53 lakh shares in the past one quarter.
Trading on the counter was volatile. The stock rose 0.78% at the day's high of Rs 270 hit at the onset of trading session. The stock fell 0.43% at the day's low of Rs 266.75 at the onset of trading session.
The stock hit a 52-week high of Rs 335.90 on 28 January 2015. The stock hit a 52-week low of Rs 186.74 on 1 April 2014.
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The stock had underperformed the market over the past one month till 30 March 2015, falling 11.17% compared with 4.72% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.52% as against Sensex's 2.09% rise.
The large-cap company has an equity capital of Rs 746.57 crore. Face value per share is Re 1.
State Bank of India (SBI) announced that the Executive Committee of the Central Board (ECCB) yesterday, 30 March 2015, authorised divestment of SBI's stake in SBI Life Insurance Company by upto 10%.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif. SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%. SBI Life Insurance has an authorized capital of Rs 2000 crore and a paid up capital of Rs 1000 crore.
SBI's net profit rose 30.2% to Rs 2910.06 crore on 12.1% growth in total income to Rs 43783.98 crore in Q3 December 2014 over Q3 December 2013.
The Government of India held 58.6% stake in SBI (as per the shareholding pattern as on 31 December 2014).
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