State Bank of India (SBI) has moved higher by 3.4% at Rs 1,702, recovering nearly 4% from intra-day’s low on NSE, on reports that the state-owned lender has stopped loans to road projects with land trouble due to rising non performing assets (NPAs).
The stock opened at Rs 1,643 and hit a low of Rs 1,640 in early morning deals on NSE. A combined 3.12 million shares change hands on the counter till 1515 hours on BSE and NSE.
Meanwhile, SBI termed the downgrade by Moody's Investor Services of the lender's unsecured debt and rupee deposits as unwarranted. The bank claims it remains well capitalised and said its growth is supported by strong risk mitigation measures, the Financial Express report suggests.
The stock has underperformed the market by falling nearly 9% in past three trading sessions till yesterday as compared to 1.35% decline in benchmark S&P BSE Sensex.
Moody's, on Monday, had cut the ratings on the unsecured debt and rupee deposits of SBI to Baa3 from Baa2, citing negative pressures on the bank's financials. The rating agency had also lowered the outlook on the bank's financial strength to negative from stable.
The stock opened at Rs 1,643 and hit a low of Rs 1,640 in early morning deals on NSE. A combined 3.12 million shares change hands on the counter till 1515 hours on BSE and NSE.
Meanwhile, SBI termed the downgrade by Moody's Investor Services of the lender's unsecured debt and rupee deposits as unwarranted. The bank claims it remains well capitalised and said its growth is supported by strong risk mitigation measures, the Financial Express report suggests.
The stock has underperformed the market by falling nearly 9% in past three trading sessions till yesterday as compared to 1.35% decline in benchmark S&P BSE Sensex.
Moody's, on Monday, had cut the ratings on the unsecured debt and rupee deposits of SBI to Baa3 from Baa2, citing negative pressures on the bank's financials. The rating agency had also lowered the outlook on the bank's financial strength to negative from stable.
