New Delhi, July 28 -- Shares of SBI Cards and Payment Services tumbled 6.1% in intraday trade on Monday, July 28, hitting a 15-week low of Rs.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 Rs.556 crore for the April-June quarter of the current fiscal year, compared to Rs.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.

Total revenue increased 12% year-on-year to Rs.5,035 crore in ...