SBI trades lower as it stops processing transactions of Russian entities under sanctions
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State Bank of India is currently trading at Rs. 462.25, down by 5.05 points or 1.08% from its previous closing of Rs. 467.30 on the BSE.
The scrip opened at Rs. 463.50 and has touched a high and low of Rs. 470.80 and Rs. 458.15 respectively. So far 811235 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 549.05 on 07-Feb-2022 and a 52 week low of Rs. 321.15 on 19-Apr-2021.
Last one week high and low of the scrip stood at Rs. 491.80 and Rs. 464.70 respectively. The current market cap of the company is Rs. 414101.98 crore.
The promoters holding in the company stood at 57.60%, while Institutions and Non-Institutions held 34.62% and 7.78% respectively.
State Bank of India (SBI) has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine. To effect this, SBI has issued a circular as it fears that any transaction with entities or sectors under sanction will invite sanction on it as well.
No transactions involving entities, banks, ports or vessels appearing on a US, European Union or United Nations sanctions list would be processed irrespective of the currency of the transaction. Payments due to such entities have to be processed by other mechanism rather than through the banking channel. SBI operates a joint venture in Moscow called Commercial Indo Bank, where Canara Bank is another partner with 40 per cent stake.
