SBI Sheds Most on Nifty Bank, Nifty and Sensex on Ex-Dividend Day

By Malvika Gurung

Investing.com -- Shares of India’s largest public sector lender State Bank of India (NS: SBI ) declined 2.3% on Wednesday as they turned ex-dividend in the session.

The banking behemoth is trading as the worst performing stock on benchmark indices Nifty50 and Sensex , along with sectoral indices Nifty Bank and Nifty PSU Bank .

The state-owned bank’s Board of Directors declared a dividend of Rs 11.3 per equity share for the financial year 2023, translating to a dividend of 1,130%.

SBI’s Board had set the record date for determining the eligibility of shareholders entitled to receive the corporate benefit as May 31, 2023, and the said dividend will be paid to eligible shareholders on Wednesday, June 14, 2023.

The dividend warrants will be dispatched before the date of payment, which will be payable, in India, at par at all branches of State Bank of India, irrespective of the amount, said the state-owned lender.

The dividend of Rs 11.3/share given by SBI to its shareholders in FY23 is the highest dividend declared by the bank since the previous four fiscal years. In FY22, SBI paid a dividend of Rs 7.1/share and Rs 4/share in FY21.

The banking giant did not pay any dividends in either FY20 or FY19. The last dividend higher than the FY23 dividend was declared by SBI on May 14, 2014, of Rs 15/share.