Banking stocks fall as rupee weakens; yields rise

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Banking stocks fall as rupee weakens; yields rise
ICICI Bank: Quotes, News
BSE 277.50BSE Quote12.5 (4.50%)
NSE 277.60NSE Quote12.55 (4.52%)
YES Bank: Quotes, News
BSE 1308.80BSE Quote16.95 (1.30%)
NSE 1308.80NSE Quote17.25 (1.32%)
Banking stocks were the worst hit in trade, after the rupee weakened against the dollar and bond yields rose.

ICICI Bank which fell sharply on Wednesday lost another 1.5 per cent in trade. Other notable losers from the private banking space were Kotak Mahindra which lost more then 2 per cent and Yes Bank which also fell 2 per cent. Axis Bank on the other hand slumped 3 per cent.

PSU Banks followed their private sector counterparts dropping steeply. Among the notable losers were
Bank of India, Bank of Baroda, Canara Bank and Union Bank of India.

Banking stocks have been gaining ground ever since Raghuram Rajan tookover as the new RBI governor. A sharp recovery in the rupee over the last couple of months has also boosted some of these stocks.

Meanwhile, the rupee today fell and bond yields rose, resulting in a drop in the share price of some of the banks.

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