Brief by Shorts91 Newsdesk / 01:15pm on 19 Nov 2024,Tuesday Business
State Bank of India (SBI) faced a significant setback last week, losing ₹34,984 crore in market valuation over four trading days. The decline, driven by a 4.62% drop in share price, reduced SBI’s market cap to ₹7,17,584.07 crore. On November 14, its shares closed at ₹805.95. The broader market also suffered as the BSE Sensex fell by 1,906 points (2.39%). Other major firms, including Reliance Industries, saw substantial losses. Despite the slump, Reliance remains India’s most valued company with a market cap of ₹17.15 lakh crore. SBI recently increased its marginal cost of fund-based lending rates (MCLR) by 5 basis points, effective November 15.
