After the Supreme Court strongly criticized the operation of SBI Bank in the case of election bonds, the share price of the bank fell by 2 percent in the stock market yesterday.
The SBI had filed a petition in the Supreme Court last week seeking more time to provide information related to those who funded the election bonds. The Supreme Court heard the petition yesterday and rejected the request of SBI.
Further, the Supreme Court warned that by today, the Election Commission should provide complete information regarding those who financed the election bonds, failing which, a contempt of court case would be filed against the bank.
After the court's order, SBI's share price fell as much as 2 percent in mid-day trade.
At the close of trading yesterday, the National Stock Exchange S. PI Bank's share price fell 1.79 percent to Rs 773.95.
However, market experts are of the view that this decline is temporary and should be seen as a good opportunity for medium and long-term investors.