30 of 47 firms that raised funds via QIP are trading below issue prices

Of the 47 firms that together raised Rs 551 bn through QIPs in FY18 - the highest ever in financial year - eight PSBs, which have raised a combined Rs 271 bn, are now valued 21% lower at Rs 213 bn

Private corporate banks, they say, are available at comparatively inexpensive valuations and the street is not pricing in recovery in earnings or is too narrowly focusing on near-term asset-quality issues. That apart, private sector banks are far better placed in capturing higher market share across both corporate and retail assets, as well as retail liabilities, especially in the light of heightened scrutiny of state-owned banks undertaken by the government/Reserve Bank of India (RBI). They remain bullish on YES Bank, Axis Bank and ICICI Bank.