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Nifty PSU Bank hits fresh 19-month low; 8 banks hit respective 5-year lows

SI Reporter/Mumbai 12 Mar 18 | 11:22 AM

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Photo: Kamlesh Pednekar)

Shares of public sector undertaking (PSU) banks continued to be under pressure with the Nifty PSU Bank index hitting a fresh 19-month low as banking stocks once again succumbed to heavy selling pressure in the wake of reports that Union Bank of India has direct credit exposure of about Rs 1.20 billion to companies controlled by jeweler Nirav Modi, and another Rs 1.75 billion to Gitanjali group of companies.

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The Nifty PSU Bank index slipped 2.2% to Rs 2,794, hitting its lowest level since August 8, 2016. At 11:15 am; the PSU bank index, the sole loser among sectoral indices, was down 2.1%, as compared to 0.98% rise in the Nifty 50 index.

Andhra Bank, Union Bank of India, IDBI Bank, Oriental Bank of Commerce, Bank of India and Canara Bank were down more than 3% on the National Stock Exchange (NSE).

Out of 21 listed PSU banks, as many as eight banks - Andhra Bank, Union Bank of India, Uco Bank, United Bank of India and Corporation Bank - touched a five-year low today.

According to Business Standard report, both the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO) has waded into the 54-billion loan to the Usha Martin group owed to a consortium of lenders headed by State Bank of India (SBI). CLICK HERE TO READ FULL REPORT

COMPANYLATESTPREV CLOSELOSS(%)ANDHRA BANK33.8038.50-12.21IDBI BANK65.6070.70-7.21UNION BANK (I)88.9093.60-5.02ORIENTAL BANK86.8591.25-4.82PUN. & SIND BANK33.6535.20-4.40CENTRAL BANK73.2076.45-4.25BANK OF MAHA14.2014.80-4.05BANK OF INDIA94.0597.55-3.59CANARA BANK227.35235.20-3.34ALLAHABAD BANK44.2045.45-2.75SYNDICATE BANK53.0554.30-2.30PUNJAB NATL.BANK93.4095.50-2.20CORPORATION BANK29.0029.60-2.03DENA BANK18.4518.75-1.60ST BK OF INDIA249.20253.15-1.56UNITED BANK (I)11.9912.18-1.56VIJAYA BANK52.6053.40-1.50UCO BANK23.6023.95-1.46BANK OF BARODA129.80131.50-1.29

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Company Price Gain (%)
ICICI Bank297.551.47
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H D F C1,855.250.47
Tata Motors306.550.31
Infosys1,246.350.24

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