SBI's share dip after Supreme Court rap on electoral bond issue

New Delhi, March 11: In a significant development on Monday, the Supreme Court dismissed the State Bank of India's (SBI) plea for an extension of the deadline to disclose data related to electoral bonds. Following the apex court's verdict, SBI's shares experienced a notable dip of nearly 2 percent. The court mandated that the bank must present the electoral bond data by March 12, prompting a swift response in the stock market.

As of 3:30 pm, SBI shares were valued at Rs 773, reflecting a decrease of Rs 15 from the previous close. The intraday low for SBI shares was recorded at Rs 771, indicating a 2 percent decline from the previous day. Market analysts attribute the drop in SBI's share prices not only to the Supreme Court's decision but also to the overall weak sentiments prevailing in the Indian stock market.

Despite the immediate impact on SBI shares, experts believe that this dip should be viewed as an opportunity for medium and long-term investors. They anticipate that the setback in SBI's share prices is unlikely to have a lasting impact on the Public Sector Undertaking (PSU) banking sector.

The five-judge Constitution Bench, comprising Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, issued the order directing the SBI to disclose all details related to electoral bonds by the close of business hours on March 12. This decision comes after the Supreme Court rejected SBI's request for an extension until June 30 to declare the electoral bond data. The earlier deadline set by the court for this disclosure was March 6, with the Election Commission of India (ECI) instructed to publish the data by March 13.

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