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SBI Shares Drag Over 3% After Ratings Downgrade
Shares of State Bank of India in intra-day trade on Wednesday are trading on a weak note. The stock fell over 3% to an intraday low of Rs. 292.10, down almost 3.4% from the previous closing price of Rs. 302.45 shares apiece on the BSE.
The fall in shares may be a reaction to the ratings downgrade by Morgan Stanley which rates it to be 'equal-weight' from the previous 'overweight' rating. The target price has been kept at Rs. 330 per share. Further the global brokerage firm added that the upside gains in the stock are limited owing to the uncertainty around interest margin and asset quality.
Meanwhile, benchmark indices trade lower on the back of weakness in most Asian shares after the US lawmakers prepare to begin an impeachment inquiry into the US President Donald Trump.
SBI stock was last seen quoting at Rs. 292.40, down 3.32% or Rs. 10.05.
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