 "Last week, credit rating agency S&P Global Ratings had cut its outlook to 'negative' on Axis Bank and ICICI Bank asserting that the Covid-19 pandemic will lead to deterioration in asset quality for Indian lenders")
Shares of financials including banks, non-banking financial companies (NBFCs), housing finance companies, micro finance institutions, and assets management companies (AMCs) were under pressure, falling up to 10 per cent on the BSE after Franklin Mutual Fund (MF) shut 6 of its debt schemes over redemption pressure and liquidity crunch.
Individually, Nippon Life India Asset Management, Cholamandalam Investment and Finance Company, Ujjivan Financial Services, Mahindra & Mahindra Financial Services, Bajaj Finance, HDFC Asset Management Company, L&T Finance Holdings and LIC Housing Finance Company were down in the range of 5 per cent to 10 per cent on the BSE.
Meanwhile, ICICI Bank, IndusInd
