Rate sensitive stocks crash; Nifty Auto, Bank index down over 10%

Among individual stocks, Axis Bank and City Union Bank were locked in 20 per cent lower circuit

Shares of interest rate sensitive sectors such as automobiles, real estate, banks, including non-banking financial companies (NBFC) and housing finance companies, tanked up to 20 per cent on Monday as most Indian states announced lockdown to stem the spread of the novel coronavirus (COVID-19).
 

At 10:15 am, Nifty Private Bank, Nifty Bank, Nifty Fin Service, Nifty Auto and Nifty Realty indices were down between 11 per cent and 13 per cent on the National Stock Exchange (NSE). In comparison, the benchmark Nifty 50 index dipped 9.6 per cent at 7,903 points. All these indices were trading at their multi-year low