New Delhi, Feb 24: The ongoing financial turmoil in United States of America (USA) has hit the valuation of its banks too. One of the world's largest bank Citigroup slipped below the State Bank of India (SBI) in market capitalisation.
Citigroup which has assets worth $1.95 trillion or Rs 9,72,075 crore, now values less than SBI, India's largest bank. Banks in US is worse hit by the global slump specially Citiroup. On Friday, Feb 20 its share price fell by 93 pc to $1.95 from a 52 week high of $27.35 on Apr 28, 2008. In last year alone Citigroup suffered a loss of over Rs 80,000 cr.
Meanwhile SBI's net profit for April-Dec 2008 (the first 9 months of the current financial year) is Rs 4,700 cr.