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

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    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 290.30BSE Quote5 (1.72%)
    NSE 290.90NSE Quote5.5 (1.89%)
    Axis Bank: Quotes, News
    BSE 616.80BSE Quote8.85 (-1.43%)
    NSE 619.80NSE Quote6.3 (-1.02%)
    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
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more