The combined market value of the country's seven most valued firms diminished by Rs 28,357 crore last week, with top lender SBI and telecom major Bharti Airtel emerging as the biggest losers.
The market capitalisation (m-cap) of State Bank of India dipped Rs 10,112 crore to Rs 1,11,242 crore. Global ratings agency Moody's had downgraded the state-owned lender's financial strength on October 4.
Moody's downgraded the rating of SBI's financial strength by one notch to 'D+', citing low tier-I capital ratio and deteriorating asset quality.
It also said that could be a likely rise in the bank's non-performing assets in the near future. The downgrade will make overseas borrowings costlier for SBI.
Its stock plunged over 8 per cent to end the week at Rs 1,751.85 on the BSE.
Bharti Airtel, too, saw its market cap drop Rs 8,848 crore to Rs 1,34,736 crore.
from- pankaj kumar choubey
PGDM 3rd semester
The market capitalisation (m-cap) of State Bank of India dipped Rs 10,112 crore to Rs 1,11,242 crore. Global ratings agency Moody's had downgraded the state-owned lender's financial strength on October 4.
Moody's downgraded the rating of SBI's financial strength by one notch to 'D+', citing low tier-I capital ratio and deteriorating asset quality.
It also said that could be a likely rise in the bank's non-performing assets in the near future. The downgrade will make overseas borrowings costlier for SBI.
Its stock plunged over 8 per cent to end the week at Rs 1,751.85 on the BSE.
Bharti Airtel, too, saw its market cap drop Rs 8,848 crore to Rs 1,34,736 crore.
from- pankaj kumar choubey
PGDM 3rd semester
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