For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

SBI, PNB, BOB, Canara Bank Hit 52-Week Lows As Market Carnage Spreads

|

Benchmark indices fell sharply in trade as crude oil prices continued to slide, triggering a fresh round of selling in names led by Reliance Industries and ONGC.

 

However, the slide was severe in several blue chip PSU banking names including the likes of State Bank of India, Punjab National Bank, Bank of Baroda and Canara Bank.

SBI, PNB, BOB, Canara Bank Hit 52-Week Lows As Market Carnage Spreads
Bank of Baroda: Quotes, News
BSE 84.50BSE Quote0.25 (-0.30%)
NSE 84.45NSE Quote0.3 (-0.36%)
Punjab National Bank: Quotes, News
BSE 42.05BSE Quote0.45 (-1.07%)
NSE 42.05NSE Quote0.45 (-1.07%)
All of these stocks hit fresh 52-week lows in trade. SBI was down 3 per cent along with Bank of Baroda, while Punjab National Bank crashed to a new 52-week low of Rs 88.10 and Bank of Baroda also hit a new 52-week low of Rs 120.10.

Many private sector banking names did not hit 52-week lows, but, came crashing down with Yes Bank and ICICI Bank down more than 2 per cent each, while HDFC Bank was down 1.9 per cent.

Banking stocks are heavily owned by foreign institutional investors, which is why they have been falling sharply, as these investors continue to sell shares in India.

There are worries that margins may fall, and non performing assets increase, due to the new guidelines from the Reserve Bank of India.

 

Axis Bank is set to announce its results later today and this may offer more cues for the banking sector.

GoodReturns.in

Story first published: Wednesday, January 20, 2016, 10:14 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X