SBI Falls 12% To Its Lowest In Over 7 Years; Nifty PSU Bank Index At Decade's Low

SBI shares have seen the steepest fall since October 2012 on March 6, 2020 of following the reports of its likely stake buy in the beleaguered private sector lender Yes Bank for which the government has announced moratorium with maximum withdrawal pegged at Rs. 50000.

SBI Falls 12% To Its Lowest In Over 7 Years; Nifty PSU Bank Index At Decade's Low

After the yesterday's release that the leading public sector lender needs timeline to announce any of the lender, it today clarified that it has received in-principal approval to explore investment in Yes Bank.

It is for the first time in as many as 15 years that to rescue to private sector lender, the RBI and the government has actively taken part.

There are news doing the rounds that both LIC and SBI will buy a stake in the bank.

Meanwhile, in view of the decline in SBI shares, the Nifty PSU Bank index as has also tumbled to a decade's low seeing its sharpest one-day decline of nearly 8%.

Also, after the board of Yes Bank has been taken over the RBI, the stock of Yes Bank has shed all its previous gains and last trades lower by 30%.

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