August 10, 2018 / 9:37 AM / a month ago

BUZZ-State Bank of India shares plunge on wider-than-expected Q1 loss

** Shares down more than 4 pct at 303 rupees after the country’s biggest lender posts its third straight quarterly loss

** SBI posts Q1 net loss of 48.76 bln rupees ($707.28 mln) vs profit of 20.06 bln rupees a year ago; est loss of 1.71 bln rupees as per TR estimates

** Q1 loss mainly due to higher provisions for treasury losses

** Shares turned slightly higher followings results, but immediately reversed course

** Slippage was not as bad as market was expecting - two Mumbai-based analysts said; analysts were expecting 100 bln rupees in slippages, co reported 99.84 bln rupees

** Provision coverage ratio has also improved which is a good thing in the long run, one of the analysts said

** Up to Thursday’s close, shares had risen 2.4 pct YTD

Reporting By Aparajita Saxena in Bengaluru

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