India's State Bank shares slip 4pc after Q4 profit plunges

MUMBAI: Shares in State Bank of India fell more than 4 percent in afternoon trade after the country's top lender reported an unexpected sharp plunge in quarterly net profit on Tuesday.

The state-run bank, which along with its associates controls about a quarter of Indian bank loans and deposits, posted a net profit of 209 million rupees ($4.6 million) in the fourth quarter ended March, versus 18.67 billion rupees a year ago.

A Reuters poll of brokerages had forecast a profit of 30.33 billion rupees.

State Bank said provision for bad loans in the quarter rose to 32.64 billion rupees from 21.87 billion rupees a year ago.

At 1:16 p.m. (0746 GMT), SBI shares were down 4.8 percent at 2,488 rupees in a weak Mumbai market .