Reuters wins India’s SBI $2 bln-plus capital raising

Shares of India’s biggest lender, State Bank of India, fell 4 percent after Reuters was first with news on Jan 23 that may need $2-$4 billion in capital in the next financial year. Reuters secured comments from SBI Chairman O.P. Bhatt on the sidelines of an investment conference in Singapore, and swiftly moved several alerts on the fund raising plans, retail bonds, profit outlook and rising bad debt in India’s banking industry. ASBI shares dropped 4.3 percent on the day, far more than the benchmark index’s 1.6 percent fall. Dow Jones was more than three minutes behind Reuters while Bloomberg was unable to match the story, which was published in India’s Economic Times and in several financial websites in India.