Shares of State Bank of India (SBI) on Friday fell by nearly 3 per cent after the company's first quarter earnings failed to cheer investors.

The stock declined 2.94 per cent to settle at Rs 573.25 on the BSE. During the day, it fell by 3.23 per cent to Rs 571.50.

On the NSE, it dropped 2.92 per cent to end at Rs 573.20.

The stock was the biggest laggard on both Sensex and Nifty indices.

The company's market valuation declined by Rs 15,484.2 crore to Rs 5,11,603.38 crore.

In traded volume terms, 27.42 lakh shares of the company were traded on the BSE and over 5.27 crore shares on the NSE during the day.

On Friday, the 30-share Sensex climbed 480.57 points or 0.74 per cent to settle at 65,721.25 points while Nifty advanced 135.35 points or 0.70 per cent to end at 19,517 points.

The country's biggest bank SBI on Friday posted an over two-fold jump in standalone net profit at Rs 16,884 crore for the first quarter of the current financial year, helped by decline in bad loans and improvement in interest income.

It had reported a net profit of Rs 6,068 crore in the April-June quarter of 2022-23.

The bank's total income increased to Rs 1,08,039 crore in the first quarter of 2023-24, as against Rs 74,989 crore in the same period a year ago, as per the regulatory filing.

Net Non Performing Assets (NPAs) eased to 0.71 per cent in June 2023 as against 1 per cent a year ago.

On a consolidated basis, SBI's net profit also rose over two-fold to Rs 18,537 crore, as against Rs 7,325 crore in the same quarter a year ago.

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