SBI Cards share price crashes

Shares of SBI Cards and Payment Services tumbled 6.1% in intraday trade on Monday, July 28, hitting a 15-week low of ₹834.75 apiece, after multiple brokerages cut their price targets following the release of its June quarter results, which missed Street expectations due to higher write-offs. SBI Cards, majority-owned by the country’s largest lender, State Bank of India, reported a 6% decline in net profit to ₹556 crore for the April–June quarter of the current fiscal year, compared to ₹594 crore in the same period last year. This marks the fourth consecutive quarter of profit decline as the company continues to grapple with elevated delinquencies. SOURCE - MINT