Bank stocks continue to fall; many hit 52-week lows

Bank stocks continued to face selling pressure today with many hitting their 52-week lows amid concerns over the alleged Rs 11,400 crore PNB fraud case involving billionaire diamantaire Nirav Modi. Shares of UCO Bank plunged 11.26 per cent, those of Union Bank of India - 10.94 per cent, Allahabad Bank - 10.77 per cent, Bank of Baroda - 9.28 per cent, Syndicate Bank - 8.96 per cent and Bank of Maharashtra - 7.33 per cent on BSE. Among others, State Bank of India lost 5.57 per cent, Corporation Bank 3.32 per cent and AXIS Bank 1.71 per cent. Almost, all public sector lenders saw prices of their stocks tumble last week after the alleged PNB fraud came to light.