MUMBAI (Reuters) -State Bank of India (SBI) missed fourth-quarter profit estimates despite record earnings as higher overhead costs and interest expenses weighed, with a rise in new bad loans sending shares falling to lowest levels in over two months. Shares of SBI, India's biggest lender widely seen as a bellwether bank, reversed course and closed 3.9% lower at 444.65 rupees ($5.74) apiece - the lowest level since March 8 2022, after rising as much as 3.1% earlier. SBI's net profit for the quarter ended March 31 was 91.14 billion rupees, up from 64.51 billion a year earlier but short of the 101.60 billion expected by 14 analysts on average, Refinitiv IBES data showed.
(Bloomberg) -- He co-founded software powerhouse Infosys Ltd., became a billionaire and went on to spearhead a colossal government program to create biometric identification for India’s almost 1.4 billion people. Most Read from BloombergCiti Trader Made Error Behind Flash Crash in Europe StocksRussia Seeks to Annex Occupied Ukraine as Invasion Goals ShiftUkraine Latest: Kremlin Says Putin and Macron Discussed MariupolAs Putin Gets Desperate, U.S. Should Remember Pearl HarborBiden’s Team Eyes $12