Shares of State Bank of India plunged to their 52-week low on the BSE and NSE in morning trade even as the management is talking of going for a massive fund raising exercise during the later part of the current fiscal.
The stock, which hit its 52-week low of Rs 2,110.10 on the BSE, pulled back marginally to Rs 2,118, a loss of Rs 56.85 (2.61 per cent) against its previous close of Rs 2,174.85. Nearly 3.30 lakh shares were traded by 11.30 a.m.
A similar trend was seen on the NSE, where the stock fell to Rs 2,110 (its 52-week low), but recovered to Rs 2,120.25, a drop of Rs 50 or 2.30 per cent loss on a trading volume of 9.11 lakh shares.
The continuous decline in the price of the stock, which hit a 52-week high of Rs 3,515 on the BSE on November 8, 2010, should be of some concern to the management that plans to raise about Rs 20,000 crore through a rights issue during the later part of the current fiscal.