The Supreme Court rejected State Bank of India‘s plea for extending the deadline to disclose electoral bonds data. Shortly after, SBI shares faced a substantial dip.
Following the Supreme Court’s dismissal of its plea, SBI shares experienced a nearly 2 percent decline. As of 3:30 pm, the shares were priced at ₹773, marking a decrease of ₹15 from the previous close. The court instructed the bank to provide the data by March 12.
SBI’s intraday low hit ₹771, representing a 2 percent drop from the previous day’s close. Analysts attribute the decline in the bank’s shares not only to the Supreme Court’s ruling but also to the overall subdued sentiment prevailing in the Indian stock market
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Experts further advised that the decline in SBI’s share prices shouldn’t have a prolonged effect on the PSU banking sector. Instead, they view it as an opportunity for medium and long-term investors to consider.
On Monday, a five-judge Constitution bench, led by Chief Justice of India DY Chandrachud and including Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, ordered the State Bank of India to disclose all details related to electoral bonds on March 12.
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