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State Bank of India reported movement of 52%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -0.5% on the day at ₹954.00, and has returned -8.7% over three months. It sits 22% below its 52-week high. The banks sector has moved -4.0% over the same period, so State Bank of India is running 4.7 points behind its peers.

For State Bank of India, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.