Nifty PSU Bank index hits over 3-year low; SBI slips 15% in a week

SBI, BOB, J&K Bank, Indian Bank, Allahabad Bank, Oriental Bank of Commerce, Bank of India and Canara Bank were down more than 3% in intra-day trade.

Shares of public sector banks were under pressure, with the Nifty PSU Bank index hitting an over 3-year low in intra-day deal on the National Stock Exchange (NSE), on Monday, after a sharp fall in sector giants like State Bank of India (SBI) and Bank of Baroda (BOB).

At 12:25 pm, Nifty PSU Bank index, the largest loser among sectoral indices, was down 3 per cent at 2,608 on the NSE, as compared to 1.4 per cent decline in the benchmark index Nifty 50.

The PSU Bank index hit an intra-day low of 2,520, its lowest level since