HSBC downgrades SBI to 'underweight'

HSBC has downgraded State Bank of India to "underweight" from "neutral" on worries about the state-run lender's high growth in riskier segments such as small and medium enterprises and agriculture.

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HSBC noted that the bank trades at 30 percent premium to its book value over its peers, although there has been little improvement in the outlook and concerns on asset quality still loomed. It maintained the target price for SBI at 2,000 rupees.

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At 1.31 p.m., the stock was up 2 percent at 2,246.1 rupees in a strong Mumbai market.

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