PSU Bank index down 3%; PNB, Syndicate Bank stocks falls
The Nifty PSU Bank index was trading 3% down at 2,712 with all components in the red.
Punjab National Bank was the top loser on the PSU Bank index followed by Syndicate Bank, Allahabad Bank, Bank of Baroda and Bank of India.
Shares of Punjab National Bank touched 52-week low after poor Q4 numbers. The bank posted a net loss of Rs13,416.9cr, which was below estimates, as against Rs261.9cr reported in the corresponding quarter last year.
Shares of Syndicate Bank trading lower by 7%. The bank has reported a net loss of Rs2,195.1cr for the quarter, against profit of Rs103.8cr reported in the corresponding quarter last year. Revenue has declined by 12.5% yoy to Rs6,046cr. Its NII for the quarter came at Rs1,678.8cr as against Rs1,861cryoy.
State Bank of India is currently trading at Rs242.15 down by Rs6.45 or 2.59% from its previous closing of Rs248.60 on the BSE.
Allahabad Bank is currently trading at Rs38.30 down by Rs2.1 or 5.2% from its previous closing of Rs40.40 on the BSE.
Bank of Baroda is currently trading at Rs133.45 down by Rs6.25 or 4.47% from its previous closing of Rs139.70 on the BSE.
Bank of India is currently trading at Rs93.70 down by Rs3.6 or 3.7% from its previous closing of Rs97.30 on the BSE.
Union Bank of India is currently trading at Rs82.80 down by Rs2.85 or 3.33% from its previous closing of Rs85.65 on the BSE.