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State Bank Of Mysore Shares Crash 10% On Merger With SBI
Shares in State Bank of Mysore (SBM) crashed 10 per cent, following the merger of the bank with State Bank of India (SBI).
Investors were not too happy with the number of shares that shareholders of State Bank of Mysore would receive in State Bank of India after the merger.
Shares in State Bank of Mysore were last trading at Rs 559, which was down almost 11 per cent over Thursday's close.
State Bank of Travancore another bank that will merge with SBI was up 6 per cent, while State Bank of Bikaner and Jaipur was up 2.5 per cent.
The shares that these banks will receive is more favorable, which is why these shares gained, while State Bank of Mysore shares fell. State Bank of India itself saw its shares rally by 3 per cent at Rs 256.
The merger of State Bank of India with its subsidiaries, will push the bank among the top 50 banks across the globe and will sizeably increase its asset base, widening the gap with ICICI Bank, the second biggest lender in the country.
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