The shares of SBI were down in the Mumbai market on news report that the lender has agreed to sanction Rs.1200 crore bailout package for debt mounted Kingfisher Airlines. The news report has dragged down the SBI by nearly 7 percent to Rs.2285 per share during the last trade on BSE.
State-run Punjab National Bank, which is likely to provide a guarantee to the airline, tanked more than 4% in the Mumbai market. The scrip was at Rs.1027.80 during the previous trade.
But banking told Reuters the airline consortium of 16 lenders were still studying a debt restructuring proposal put forward last week
India’s second largest public sector bank, Punjab National bank has said, the issue can be resorted out by the consortium bank as it is difficult for an individual to arrive at a decision.
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