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Wednesday, April 17 2024
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SBI Stock Falls After Supreme Court Rejects Plea on Electoral Bonds

SBI Stock Falls After Supreme Court Rejects Plea on Electoral Bonds
Photo Credit : IANS

New Delhi: The State Bank of India (SBI) faced a setback as the Supreme Court dismissed its request to extend the deadline for disclosing data related to electoral bonds. Following this decision, SBI’s shares experienced a notable decline.

The stock price of SBI dropped by nearly 2 percent shortly after the Supreme Court’s ruling, reaching ₹773 by 3:30 pm, down ₹15 from the previous day’s close. The intraday low for SBI was ₹771, reflecting a 2 percent decrease compared to the previous day.

Financial experts attributed the decline in SBI’s share prices not only to the Supreme Court’s decision but also to the overall weak sentiment prevailing in the Indian stock market. However, they suggested that this dip in SBI’s stock should be seen as an opportunity for investors with medium and long-term perspectives.

A five-judge Constitution bench, including Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, directed SBI to disclose all details related to electoral bonds by March 12.

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