SBI's stock price falls over 2% upon opening, reaching an intraday low on NSE

According to growing business in India, SBI informed Indian stock exchanges about the final dividend, stating that following Regulations 43 and 30 (6), they advise that the Central Board of the Bank has authorised a Dividend of Rs. 11.30 per share of equity (1130%) for the fiscal year ended March 31, 2023, at its meeting held on May 18, 2023. 

SBI announced that the Register of Shareholders of State Bank of India is going to be shut for share transfers in anticipation of dividend payments for the Financial Year 2022–23 from June 1, 2023, to June 5, 2023, with the record date being May 31, 2023, under Clause (a) of Sub-Regulation (1) and Sub-Regulations 2 and 5 of Regulation 42 of SEBI LODR, 2015 and other applicable provisions. At its meeting on May 18, 2023, the Bank's Central Board issued a dividend for the Fiscal Year 2022–2023 (FY 2022–2023), as per current business news.

On the NSE, the share price of SBI fell by about 2 rupees on Tuesday, closing at Rs. 592.95 per unit. SBI shares have been rising since March 2023, when they reached a low of 505 rupees per share. Over the past two months, they have gained 37%. SBI posted a net profit of Rs. 6,694.5 crore in the fourth quarter of the current fiscal year, an increase of 83% from Rs. 9,113.5 crore in the same period of the previous fiscal. Net interest income (NII) for SBI increased by 29.5% in the fourth quarter of FY23, from Rs. 31,197 crore to Rs. 40,392 crore. The domestic net interest margin (NIM) of the bank climbed to 3.84 per cent for Q4FY23, up 44 basis points year over year.