SBI shares fall 2 pc after Q1 earnings

New Delhi: Shares of State Bank of India (SBI) on Monday fell 2 per cent after the lender reported a decline in net profit for the June quarter.

The stock dipped 1.95 per cent to finish at Rs 520.30 apiece on the BSE. During the day, it declined 3.13 per cent to Rs 514.

On the NSE, it went lower by 2 per cent to end at Rs 520.10 apiece.

The stock was the biggest laggard among the Sensex pack of firms.

In volume terms, 8.26 lakh shares were traded on the BSE and over 3.25 crore shares on the NSE during the day.

The 30-share BSE benchmark climbed 465.14 points or 0.80 per cent to finish at 58,853.07.

On Saturday, the country's biggest lender SBI posted a 7 per cent decline in standalone net profit to Rs 6,068 crore for the first quarter of the current financial year due to a fall in income.

The bank had reported a net profit of Rs 6,504 crore in the April-June quarter of 2021-22.

Its standalone total income declined to Rs 74,998.57 crore in the first quarter of 2022-23 against Rs 77,347.17 crore in the same period a year ago, SBI said in a regulatory filing.