Crude oil may hit $110, India's import basket could touch $130 in 10 days: SBI Research

Against that, the stock is -1.9% on the day at ₹941.00, and has returned -9.0% over three months. It sits 23% below its 52-week high. The banks sector has moved -4.9% over the same period, so State Bank of India is running 4.1 points behind its peers.

This is an Input cost / crude event. India imports most of its crude, so input costs pass through to margins downstream and to the rupee. Producers and consumers of the same input move in opposite directions. On the day the stock is -1.9%, so a modest reaction.

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.