HDFC Bank, ICICI Bank Sink Up To 7% In Volatile Trade

While the benchmark indices have recovered early losses in volatile trade, some of the leading private banking stocks including the likes of HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank have lost up to 7% in trade on March 20, 2020. Nifty Bank is down 1.83% at 19715 at around 10:13 am, while it hit a low of 19265 in trade today.

So far since February 1, 2020 when the whole coronavirus issue gained momentum, the index has corrected close to 35%.

HDFC Bank which is high on liquidity since the start of the year 2020 has lost almost 40% in value.

The losses in the private bank stocks come even as the leading brokerages and financial companies suggest private banks such as HDFC Bank and ICICI Bank to be in a better position on the back of gains in their market share. Nonetheless, they also highlight that volatility in the near-term can be tremendously high.

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