Carnage In Banking Stocks; SBI, Axis, PNB and BOI Hit 52-Week Lows

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Indian stocks were badly hit as Chinese Stock Exchanges closed for trade after the CSI 300 plunged 7 per cent, forcing the authorities to shut trading in China.

Benchmark indices in the country plunged following the China closure. The Sensex was trading with losses of 357 points. Banking stocks were the worst hit with several blue chip banking stocks falling to 52-week lows.

Carnage In Banking Stocks; SBI, Axis, PNB and BOI Hit 52-Week Lows
Bank of India: Quotes, News
BSE 160.40BSE Quote4.65 (2.90%)
NSE 160.50NSE Quote4.2 (2.62%)
Canara Bank: Quotes, News
BSE 348.45BSE Quote5.7 (1.64%)
NSE 349.30NSE Quote5.45 (1.56%)
Among these were stocks like State Bank of India, which hit a 52-week low of Rs 212.25, while Axis Bank fell to a new 52-week low of Rs 417.70 and PNB dropped to a fresh yearly low of Rs 106.70. Bank of India also dropped to Rs 111.85, a new fresh 52-week low and Canara Bank to Rs 222.

BankNew 52-week low
Axis BankRs 417.70
State Bank of IndiaRs 212.25
PNBRs 106.70
Bank of IndiaRs 111.85
Canara BankRs 222

Banking stocks have been at the receiving end for the last few weeks now. Investors have dumped these stocks on worries over the quality of assets. It is believed that non performing assets could worsen for banks in the next couple of quarters, before showing improvement later this year.

New provisioning norms may lead to further dip in net interest margins, many analysts feel. Even private sector banking stocks and heavyweights like ICICI Bank and Axis Bank have been dumped by investors on worries over asset quality.

In fact, stocks like ICICI Bank and Bank of Baroda have not hit 52-week lows, but, are very close to those levels.

Read more about: sbi, axis, pnb, icici bank
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