Citibank below SBI in market capitalisation
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.
OneIndia News
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Story first published: Tuesday, February 24, 2009, 14:17 [IST]