Shares of State Bank of India (SBI) are attracting significant attention following the bank’s announcement that its board of directors will convene on June 11 to discuss raising long-term funds. The bank is considering securing up to $3 billion through a public offering or private placement of senior unsecured notes in US Dollars or other major foreign currencies during the 2024-25 fiscal year.
On Tuesday, SBI’s stock experienced a significant drop, closing 14.42% lower at Rs 775.20. This decline brought the bank’s market capitalization down to Rs 6.91 lakh crore. During the trading session, 79 lakh shares exchanged hands, resulting in a turnover of Rs 634.64 crore on the Bombay Stock Exchange (BSE).
SBI’s share price had previously reached its 52-week low of Rs 543.15 on October 26, 2023. Despite this recent downturn, the stock’s relative strength index (RSI) of 42.2 indicates that it is neither overbought nor oversold. With a one-year beta of 0.9, the stock has shown very low volatility over the past year.
Currently, SBI shares are trading below their 5-day, 10-day, 20-day, and 50-day moving averages but remain above the 100-day and 200-day moving averages. Despite the recent dip, the stock has appreciated by 20.76% in 2024 and has seen a substantial gain of 67% over the past two years.
