Banking shares came crashing down in trade once again with blue chip public sector banking stocks like State Bank of India, Bank of Baroda and Canara Bank hitting fresh 52-week lows.
State Bank of India shares plunged to a new 52-week low of Rs 218.25 on the NSE, , while Canara Bank fell to a new low of Rs 229.10 and Punjab National Bank dropped to Rs 110.10 on the National Stock Exchange.
Shares in banking stocks have been hammered out of shape in recent times losing as much as 30-40 per cent from recent highs. Even private sector lenders like Axis Bank and ICICI Bank had hit 52-week lows recently, as foreign portfolio investors continued to hammer these stocks on asset quality concerns.
Markets would eagerly watch for the quarterly numbers of banks, to see if there is any further deterioration in asset quality.
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