Bank Nifty dips nearly 3% amid Greece woes

State Bank of India, Bank of Baroda, Punjab National Bank, Federal Bank and Bank of India were down 4% each.

Banking shares were under pressure, with the National Stock Exchange (NSE) Bank Nifty dipping nearly 3% in early morning trades, as Greece failed to clinch a deal with its international lenders over the weekend to avert a default.

At 0927 hours, Bank Nifty dipped 2.7% or 504 points at 17,867 compared to a 1.8% decline in the CNX Nifty. The banking index hit a low of 17,827 in intra-day trades.

State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Federal Bank and Bank of India were down 4% each, while YES Bank, HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank, Canara Bank and Axis Bank were down 2%-3% each on the NSE.

Meanwhile, the CNX PSU Bank index was down 3.4% or 111 points at 3,152. It has hit a low of 3,134 so far.

Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, Corporation Bank, Dena Bank, Oriental Bank of Commerce, Uco Bank and Vijaya Bank are from the PSU banking pack hit their respective 52-week lows on the BSE.