Shares of banks fell up to four per cent on Monday after the Maharashtra government decided to waive off farms loans of small and marginal farmers. Union Bank of India and Oriental Bank of Commerce were the top losers, slipping 4.5 per cent and 4.2 per cent, respectively.
Canara Bank, Bank of India, Indian Bank, Allahabad Bank and Bank of Baroda were the other major losers, losing anywhere between 3.1 per cent and 3.9 per cent. The Nifty Bank index fell about one per cent to 23,470. The impact of the loan waivers will be felt more on public sector banks (PSBs) than their private ...
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