Bank stocks fall up to 5.5 pc on profit-booking

Bank stocks today fell by up to 5.5 per cent on profit-booking a day after recording smart gains.
Shares of Bank of Maharashtra slumped 5.47 per cent, Bank of India dipped 4.45 per cent and Allahabad Bank dropped 4.37 per cent on BSE.
The scrip of Bank of Baroda slumped 4.32 per cent, followed by Axis Bank (2.70 per cent), PNB (2.67 per cent), Union Bank of India (1.66 per cent) and SBI (0.95 per cent).
The BSE bank index fell 0.59 per cent to end at 25,679.62.
Bank stocks were in the limelight yesterday and surged up to 9 per cent.

Non-performing assets (NPAs) or bad loans of public sector banks (PSBs) have reached "unacceptably high levels" of over Rs 6 lakh crore, the bulk of which are in sectors such as power, steel, road infrastructure and textiles.
The much-awaited ordinance to amend the Banking Regulation Act was promulgated by President Pranab Mukherjee last night.
The ordinance authorises the "Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016".