Shares of State Bank of India fell to the day's low on Monday after the Supreme Court dismissed its petition seeking an extension until June 30 in the electoral bonds case.
The Supreme Court directed India's largest lender to disclose details by the end of business hours on March 12, 2024 and also added that the Election Commission of India shall publish this information on its website by no later than 5 PM on March 15, 2024.
The Supreme Court was hearing the application filed by the SBI seeking an extension till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped in February.
This is the biggest single day drop for SBI's shares since February 12 during which the stock had declined 2.4%. Ahead of today's drop, shares of India's largest lender had gained over 20% so far in 2024.
Monday's drop also means that SBI's market capitalisation has slipped back below the mark of ₹7 lakh crore.
Sacchitanand Uttekar of Tradebulls mentioned that the firm had recommended accumulating shares of SBI on January 18 at an average price of ₹615. Since then the stock is up 25%. Therefore, he advises booking profits at these levels as he does not anticipate any major upmove in the stock now.
"Technically, this is a classic case of a three-point price-RSI divergence on its daily chart, which indicates diminishing trend strength. Also, the stock is quoting away from its five-week exponential moving average support zone near ₹760," he said.
Shares of SBI are trading 2% lower at ₹772.85. The stock has oscillated between gains and losses over the last five trading sessions. You can read more about the live coverage of the electoral bonds case here.
Also Read: Electoral Bonds Case: Supreme Court dismisses SBI plea, asks it to disclose data by tomorrow
First Published: Mar 11, 2024 12:32 PM IST
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