Nifty PSU Bank index drops 7%

PNB, BoB, SBI, Canara Bank, Oriental Bank of Commerce, Union Bank of India and IDBI Bank down 4% to 10% on the NSE.

Shares of public sector undertaking (PSU) banks were under pressure with the Nifty PSU Bank index falling more than 7% on the National Stock Exchange (NSE).

Punjab National Bank (PNB), Bank of Baroda (BoB), State Bank of India (SBI), Canara Bank, Oriental Bank of Commerce, Union Bank of India, IDBI Bank, Syndicate Bank and Allahabad Bank were down between 4% and 10% on the NSE.

At 03:07 pm, Nifty PSU Bank index, the largest loser among sectoral indices, was down 7.3%, as compared to 1.9% fall in the Nifty50 index.

The shares of PSU banks have emerged the major gainers from demonetisation. At a time when benchmark indices have declined about 5%, major state-owned banks’ stock prices have moved up 6-22% till Friday.

Between November 9 and November 18, Nifty PSU Bank index outperformed the market by surging 10%. On comparison, Nifty50 index was down 5.5%, and Nifty Bank index by 2.8% during the same period.

COMPANY	LATEST	PREV CLOSE	LOSS(%)
LAK. VILAS BANK	131.30	151.15	-13.13
BANK OF BARODA	160.35	176.95	-9.38
CORPORATION BANK	44.20	48.75	-9.33
PUNJAB NATL.BANK	136.50	149.75	-8.85
VIJAYA BANK	43.60	47.15	-7.53
KARNATAKA BANK	104.15	112.30	-7.26
ST BK OF INDIA	257.05	275.80	-6.80
S B T	546.65	586.10	-6.73
ST BK OF BIKANER	699.95	746.70	-6.26
FEDERAL BANK	66.70	71.10	-6.19
ST BK OF MYSORE	549.05	585.20	-6.18
YES BANK	1110.05	1180.75	-5.99
CANARA BANK	307.45	326.30	-5.78
CITY UNION BANK	129.90	137.50	-5.53
ORIENTAL BANK	116.40	123.10	-5.44
UNION BANK (I)	148.80	157.10	-5.28
IDBI BANK	67.95	71.65	-5.16
SOUTH IND.BANK	21.00	22.10	-4.98
J & K BANK	58.00	60.95	-4.84
ALLAHABAD BANK	68.10	71.50	-4.76