For Quick Alerts
For Daily Alerts

Govt Bank Shares Fall Sharply; SBI, BOI Hit 52-Week Low


Banking shares fell sharply in trade with many public sector banks hitting their 52-week lows, while others were trading near their 52-week lows.


State Bank of India hit a 52-week low of Rs 231.60, while Bank of India also dropped to a new 52-week low of Rs 130.35 on the National Stock Exchange. Banks like Oriental Bank of Commerce, Punjab National Bank and Syndicate Bank were trading very near their 52-week lows.

Govt Bank Shares Fall Sharply; SBI, BOI Hit 52-Week Low
State Bank of India: Quotes, News
BSE 431.70BSE Quote10.05 (-2.33%)
NSE 431.80NSE Quote9.75 (-2.26%)
Axis Bank: Quotes, News
BSE 709.00BSE Quote8.2 (-1.16%)
NSE 708.90NSE Quote8.35 (-1.18%)
Today's drop was not restricted only to public sector banks, but, many private sector banks were also sharply lower led by losses in ICICI Bank, IndusInd Bank, Kotak Bank and Yes Bank.

The sustained selling was on the back of worries that non performing assets may continue to deteriorate if conditions in the steel industry get worse. It maybe noted that the steel industry has been adversely affected by the slump in prices amidst waning demand from China.

The worry is that this could result in losses and also a rise in non performing assets, particularly of PSU banks. Another reason for the fall is drop in interest rates by HDFC Bank, which many believe may trigger a rate war in the banking sector and a squeeze on margins.

Read more about: yes bank sbi indusind bank
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X