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The kind of carnage witnessed over the last two trading sessions in Indian equities, bank stocks which had already been butchered ruthlessly are now further extending their declines.
If not all, at least shares of five banks, private and state-owned, are currently trading below their closing price on 9 March, 2009. Many of the market participants are quick to connect with that day which saw markets bottoming out and heading for a quick "V"-shaped recovery phase.
Among the private lenders, HDFC Bank and Dhanlaxmi Bank are the ones which have already hit levels below their post Lehman crisis carnage. On the other hand, Union Bank of India, Bank of India (BoI) and Indian Overseas Bank (IOB) are the public sector banks which have slipped below the March, 2009 lows.
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Post Independence Day's celebrations, the 30-stocks Sensex has lost well over 1,100 points - not seen for many many months in recent history.
Bank stocks are under immense pressure and it appears there is no bottom in the foreseeable future as market experts have started saying that valuation means nothing in current market situation.
