Private bank shares under pressure; AU SFB, Bandhan, RBL Bank tank up to 9%

Shares of private sector banks were under pressure with AU Small Finance Bank (SFB), RBL Bank and Bandhan Bank sliding up to 9 per cent on profitability concerns. As of 10:09 am, the S&P BSE Private Bank and Nifty Private Bank index were down 1 per cent each, when compared with a 0.6 per cent decline on the benchmarks, S&P BSE Sensex and Nifty50 index.

Among the individual stocks, AU SFB tumbled 9 per cent to Rs 565.10 amid heavy volumes. In the past one month, the stock has underperformed the market by falling 12 per cent, as against a 4 per cent decline in the benchmark indices. The trading volumes at the counter nearly doubled with a combined