Nifty PSU Bank index tumbles over 5%; IOB, UCO, Central Bank tank 10%

With today's fall, the Nifty PSU Bank index has corrected 15 per cent from its 52-week high level of 4,617.40 touched on December 15

Shares of public sector undertaking (PSU) banks came under pressure on Friday, falling up to 10 per cent, on profit booking.

Indian Overseas Bank (IOB), UCO Bank, and Central Bank of India dipped 10 per cent, while Indian Bank, Bank of Maharashtra, Union Bank of India, Bank of India, and Canara Bank slipped in the range of 5.5 per cent to 9 per cent on the National Stock Exchange (NSE).

At 01:35 PM, the Nifty PSU Bank index was the top loser among sectoral indices and was down 5.1 per cent, as compared to 1.4 per cent decline