State Bank of India, (SBI), the India's largest state run bank, on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors, effective March 10.

The bank has reduced its one-year MCLR by 10 basis points to 7.75 percent from 7.85 percent earlier, the SBI said.

Shares of the company declined Rs 2.15, or 0.85%, to trade at  Rs 251.55.  The total volume of shares traded  was  2,208,793 at the BSE (11.44 a.m., Wednesday).