Investors give thumbs up to SBI and associates; Mysore loses 10%

Investors and traders in shares of State Bank of India (SBI) and its associate banks have seem happy with the swap ratio announced by the banks on Thursday barring State Bank of Mysore. 

In the early trading session on Friday, the SBI and its subsidiary were trading with healthy gains. Only State Bank of Mysore traded lower with a 10% cut at 9:45 am. 

SBI was trading at Rs 254.80 up by Rs 6.60 or 2.66%. 

State Bank of Travancore was trading the highest soaring over Rs 33.45 or 6.61% to Rs 539.30 per share on BSE. 

This gain was followed by State Bank of Bikaner & Jaipur which was also jumped Rs 13.50 or 2.01% to Rs 686.80. 

State bank of Mysore was bleeding over 10.39% or Rs 64.60 points to Rs 557.10. It opened at Rs 554 which is 12.44% lower from its previous closing of Rs 621.70. 

After this merger, SBI's asset base would increase by Rs 37 lakh crore which is  5 times higher than ICICI Bank which has asset base of Rs 7.15 lakh crore. 

Not only this the, deposit base of SBI will increase to Rs 22 lakh crore from existing Rs 17 lakh crore, along with total advances rising to Rs 18 lakh crore from Rs 14 lakh crore.