Financials under pressure; Shriram Transport, AU SFB hit lower circuit

Nifty Financial Services, Nifty Bank and Nifty Private Bank indices were down 2.7 per cent each, as compared to 1.5 per cent decline in the Nifty 50 index

Shares of financial services companies, including non-banking financial companies (NBFCs), banks, housing finance and micro finance institutions (MFIs), were under pressure on Tuesday as the companies from these sectors have announced weak set of numbers for the January-March quarter (Q4FY20), largely due to the Covid-19 pandemic.

Shriram Transport Finance Company, Piramal Enterprises, Indiabulls Housing Finance, AU Small Finance Bank, MAS Financial Services, AAVAS Financiers, Karnataka Bank, JM Financial and Federal Bank were down in the range of 5 per cent to 10 per cent on the National Stock Exchange (NSE).

At 10:33 am, Nifty Financial Services, Nifty Bank