Banking shares extends fall, Bank Nifty hits 19-month low

ICICI Bank, BOB, Axis Bank, PNB, Canara Bank, BOI, YES Bank and Union Bank of India are down 3-5% on NSE.

Banking shares continues are under pressure second day in a row with the National Stock Exchange (NSE) Bank Nifty hits its lowest level since January last year.

Bank Nifty is down nearly 3%, falling 8.5% in past two trading sessions after the Reserve Bank of India (RBI) on Wednesday has announced additional measures to support the Indian rupee by stemming foreign exchange outflows by Indian residents. The index hit low of 9,163 during intra-day trades, its lowest level since January 19, 2012.

Most of the banking stocks including public sector as well as private sector are trading at their multi years low. ICICI Bank, Bank of Baroda, Axis Bank, Punjab National Bank, Canara Bank, Bank of India, YES Bank and Union Bank of India are down 3-5% on NSE.