Nifty PSU Bank hits over three-month low; down 26% from 52-week high

PNB, Union Bank of India, Corporation Bank, Dena Bank, Bank of Maharashtra and Syndicate Bank hit their respective 52-week lows on the NSE.

Shares of public sector banks continues to  trade lower for the fifth straight trading session with the Nifty PSU Bank index hitting an over three-month low after the Reserve Bank of India (RBI’s) revised framework on resolution of stressed assets and the detection of about Rs 144 billion fraudulent and unauthorised transactions by the Punjab National Bank (PNB) at one of its branches in Mumbai.

At 12:51 PM; Nifty PSU Bank index, the largest loser among sectoral indices, was trading 2.4% lower at 3,192, as compared to less than 0.6% decline in Nifty Bank, Nifty Private Bank and the