Nifty PSU Bank index hits fresh 9-month low

The fall on Wednesday was triggered by Axis Bank that lost nearly 9% to Rs 468 levels following its September quarter numbers that showed worsening asset quality

Shares of public sector banks (PSBs) came under pressure with the Nifty PSU Bank index hitting fresh nine-month low on the National Stock Exchange (NSE). The index hit an intra-day low of 2,958 - its lowest level since January 6, 2017 - and has slipped 20% from its recent closing high of 3,723 on July 31, 2017.

By comparison, the benchmark Nifty 50 was up 1.4%, while Nifty Bank (down 3%) and Nifty Private Bank index (down 1%) were down less than 4% during the period.

Among individual stocks, State Bank of India (SBI), Oriental Bank of Commerce and Corporation Bank have