Shares of State Bank of India (SBI) were ended in the negative bias Wednesday on the bourses after Labour Minister Santosh Gangwar, as per media report, said that the SBI cannot function as an asset management company (AMC) as per the RBI norms.
Reacting to the news, however, shares of SBI dipped at Rs 280.20, down 0.83 percent on the National Stock Exchange (NSE). In a similar trend, stocks of the largest lender down 0.74 percent on the BSE with the same price quote.
At present, the State Bank of India, Reliance Capital, ICICI Securities Primary Dealership, UTI asset Management Company and HSBC Asset Management Company are fund managers of the retirement fund body EPFO.
Meantime, RBI policy decision to hold the repo-rate at 6.5 percent in its 5th bi-monthly policy review failed to cheer investor outlook. Sensex closed 0.69 percent lower at 35,884.41, while NSE Nifty50, the broader benchmark, settled the day at 10,784.95, down 0.74 percent.