PSU Bank extends fall; 11 out of 22 banks hit 52-week lows
In past four trading sessions, the Nifty PSU Bank index slipped 10% against 1.4% decline in the benchmark index.
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Shares of public sector banks were continue under pressure with the 11 out of 22 listed state-owned bank hit their respective 52-week lows on the BSE as financials succumbed to selling pressure on worries of the Rs 114 billion fraud case at Punjab National Bank (PNB).
Including PNB, Allahabad Bank, Bank of Maharashtra, Corporation Bank, Dena Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Syndicate Bank, UCO Bank, Union Bank of India and Untied Bank of India have hit their respective 52-week low on the BSE in intra-day trade on Monday.
At 10:23 am; Nifty PSU Bank index, the largest loser among sectoral indices, was down 2%, as compared to 0.6% fall in Nifty 50 index. In past four trading sessions, the Nifty PSU Bank index slipped 10% against 1.4% decline in the benchmark index.
During the period, total market capitalisation of 22 PSU banks declined by Rs 457 billion from Rs 4,792 billion to Rs 4,335 billion. PNB has seen its market value fallen by 25%, followed Allahabad Bank (down 14%), Syndicate Bank, Bank of India, Bank of Baroda and Union Bank of India were down 12% on the BSE.
Allahabad Bank and Union Bank of India said that they have collectively an exposure of $ 666.87 million in the PNB fraud case.
Including PNB, Allahabad Bank, Bank of Maharashtra, Corporation Bank, Dena Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Syndicate Bank, UCO Bank, Union Bank of India and Untied Bank of India have hit their respective 52-week low on the BSE in intra-day trade on Monday.
At 10:23 am; Nifty PSU Bank index, the largest loser among sectoral indices, was down 2%, as compared to 0.6% fall in Nifty 50 index. In past four trading sessions, the Nifty PSU Bank index slipped 10% against 1.4% decline in the benchmark index.
During the period, total market capitalisation of 22 PSU banks declined by Rs 457 billion from Rs 4,792 billion to Rs 4,335 billion. PNB has seen its market value fallen by 25%, followed Allahabad Bank (down 14%), Syndicate Bank, Bank of India, Bank of Baroda and Union Bank of India were down 12% on the BSE.
Allahabad Bank and Union Bank of India said that they have collectively an exposure of $ 666.87 million in the PNB fraud case.