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Nifty Bank Sinks 13%; Axis, ICICI, Federal, HDFC Bank Hit 52-Week Lows
In Monday morning trade, Nifty Bank was the top sector loser among NSE's indices. It banking index slipped nearly 13 percent to a low of 17,715.70, a multi-year low.
Shares of HDFC Bank crashed over 10 percent to a low of Rs 794.60, ICICI Bank fell over 15 percent to Rs 293.85, Federal Bank sank 12.5 percent to 46.20 and Axis Bank slipped 15 percent to Rs 363.95.
All the constituents of the index were trading in losses.
Markets made dramatic losses on Monday morning, following its global peers as a host of countries, including India, went into lockdown to stem the spread of Coronavirus (COVID-19) pandemic.
BSE's Sensex hit the lower circuit of 10 percent to 26,924.11 and NSE's Nifty 50 was down 9.7 percent to 7,903. Trading was halted for 45 minutes. All sectoral indices turned red and the Indian rupee past the 76-mark against the US dollar for the first time ever.
