SBI Share Price Hits The 52-Week Low, Nifty PSU Bank Index Falls Over 3%

The State Bank of India (SBI) shares decline over 3.29% on Friday to hit the 52-week low of Rs 232.75 on NSE. On the BSE also, the SBI shares on Friday plunge to 52-week low to hit Rs 232.80, nearly 3% lower than the previous session's closing. Among the Sensex stocks, SBI scrip is among the biggest laggards along with Tata Steel, Axis Bank and Yes Bank that fell as much as 4%. The scrip had hit a low of Rs 232.75 on Friday on NSE. The largest lender's scrip has been falling for past few days.

Even after falling, the scrip's P/E is 53.71. Not only SBI, all other PSU banks fall on Friday. The Bank of Baroda falls 2.26%, PNB shares fall 3.63%. The maximum loss was posted by the Union Bank of India that fell over 8%, Syndicate Bank plunges by over 6%, Oriental Bank falls by 5.8%, IDBI falls by over 4% and Bank of India declines by over 5%.

According to a media report on Wednesday, Kanishk Gold had defrauded a loan amount worth Rs. 842.15 crore, lent by a SBI-led consortium of 14 public and private banks. State Bank of India has allegedly filed a complaint to the Central Bureau of Investigation (CBI) flagging the case, media report had added.

On Thursday, CBI filed a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs. 1,394 crore. A Central Bureau of Investigation (CBI) also raided several places after the filing of FIR against the firm.

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The CBI filed the case on the basis of a complaint filed by UBI that was cheated of Rs 303.84 crore by the firm.

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