Govt Bank Shares Come Crashing Down on Asset Quality Concerns

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Shares in government owned banks came crashing down on asset quality concerns. Bank of Baroda lost a huge 11 per cent, while Bank of Baroda lost 4.3 per cent, state Bank of India was down 4.2 per cent and Bank of India was down 4.45 per cent.

Govt Bank Shares Come Crashing Down on Asset Quality Concerns
Bank of Baroda: Quotes, News
BSE 140.90BSE Quote1.5 (1.06%)
NSE 140.95NSE Quote1.6 (1.14%)
Allahabad Bank: Quotes, News
BSE 66.90BSE Quote2.7 (4.04%)
NSE 67.10NSE Quote3 (4.47%)
Government owned banking results have been very poor. Oriental Bank of Commerce saw a huge increase in non performing assets and this was followed by Union Bank of India and Bank of Baroda. It is expected that the larger sector banks like State Bank of India may continue to show patchy results.

Analysts expect a further downgrade of public sector banks and see further slide. A short covering rally in select few stocks cannot be ruled out.

Read more about: state bank of india, psu banks
Story first published: Friday, January 30, 2015, 12:35 [IST]
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