Nifty Bank index falls 2%; RBL, Bandhan, HDFC Bank down over 3%

India Ratings and Research has revised its outlook on the banking sector to 'Negative' for H2FY21.

Banking shares were under pressure with the Nifty Bank index falling 3 per cent from its intra-day high on Friday, after rating agency India Ratings and Research (Ind-Ra) revised its outlook on the banking sector to ‘Negative’ for the second half – October to March (H2FY21) from ‘Stable’.

Bandhan Bank, RBL Bank, HDFC Bank, and IDFC First Bank were down 3 per cent, while Federal Bank, State Bank of India (SBI), Punjab National Bank, and IndusInd Bank from the index were down in the range of 1 per cent to 2 per cent on the National Stock Exchange (NSE).

At 02:42 pm,