Financials extend fall; Nifty PSU Bank index slips 8% in a week

Last week, global rating agency Moody's downgraded the long-term local and foreign currency deposit ratings of four public sector banks

Shares of financial service providers were trading lower for the fifth straight day on Wednesday. The Nifty Bank, Nifty PSU Bank, and Nifty Financials indices have fallen over 5 per cent, as compared to 2.5 per cent decline in the Nifty 50 index, during the period. In the past week, Nifty PSU Bank index slipped 8 per cent, while Nifty Bank and Nifty Finance indices were down 6.7 per cent and 5 per cent, respectively.

Shares of State Bank of India (SBI), IDFC First Bank, Federal Bank, RBL Bank, Axis Bank, ICICI Bank, Bajaj Finserv, Shriram Transport Finance, Canara