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Several Banking, NBFC Stocks Plunge To 52-Week Lows
Troubles over mounting NPAs, and worries over the IL&FS crisis snowballing, pushed several banking stocks to 52-week lows.
In fact, Jet Airways being dragged to the Bankruptcy Court also raised worries over the likelihood of NPAs growing, for a number of banks.
Among the stocks that hit 52-week lows from the banking space included the likes of Yes Bank, Jammu & Kashmir Bank and South Indian Bank.
Many other banking stocks were also very close to their 52-week lows including the likes of Karnataka Bank and Bank of India.
In fact, Karnataka Bank is available on a cum dividend basis. Other stocks from the NBFC sector like DHFL also fell sharply to a new 52-week low. High quality names like L&T Finance did not fall to a new 52-week low, but, was trading very close to these levels.
Investors have turned weary of investing in the smaller private sector banks, as also select NBFCs, following the IL&FS crisis. This has made some of the stocks attractive even for dividend yield. Good quality stocks like L&T Finance Holdings, which has a strong pedigree has also seen its share price dive and the share is now available at a p/e of just 11 times one year forward earnings.
