PSBs trade weak; Union Bank of India, Syndicate Bank hit 52-week low

Syndicate Bank, Allahabad Bank and IDBI Bank has slipped in the range 3% to 5% on the NSE.

Shares of public sector banks (PSBs) were down by up to 5% on the National Stock Exchange (NSE) in morning trade on concerns of stress in the banking sector.

Syndicate Bank, Allahabad Bank and IDBI Bank have fallen in the range 3% to 5%, while Union Bank of India, Andhra Bank, Oriental Bank of Commerce, Bank of Baroda, State Bank of India (SBI), Bank of India, Punjab National Bank (PNB) and Canara Bank were down between 1% to 2% on the NSE.

At 09:47 am; Nifty PSU Bank index, the largest loser among sectoral indices, was down 1.5%