Bloodbath on bank street

R. Yegya Narayanan Updated - November 22, 2017 at 03:56 PM.

With the rupee breaching the 61-mark against the US dollar, there was virtual bloodbath on the bank street today with seven bank stocks in the CNX Bank Nifty crashing to new 52-week lows.

The carnage was not limited to the PSU bank counters alone and barring HDFC Bank, other private bank stocks too felt the heat with the bank index losing nearly 290 points.

The PSU bank stocks to touch new lows (the LTP in brackets) were

SBI - Rs 1,691.15 (Rs 1,701.15),

PNB - Rs 544.05 (Rs 547.50),

BoB - Rs 529.60 (Rs 536.10),

Union Bank - Rs 118.55 (Rs 119.80),

Bank of India - Rs 166 (Rs 168.15) and

Canara Bank - Rs 246.05 (Rs 247).

The lone private bank to fall to a new yearly low was YES Bank which fell to Rs 285 but pulled back to Rs 310.10, a loss of Rs 38.60.

Among the private banks to loose were ICICI Bank trading at Rs 898.15 (loss of Rs 27.90), Axis Bank Rs 1,065.30 (-Rs 27.70), Kotak Mahindra Bank Rs 629.10 (Rs 21.25), IndusInd Bank Rs 373.10 (-Rs 25.60) and HDFC Bank Rs 613.20 (-Rs 12.15).

The CNX Bank Index was down by 290 points with all the index constituents in the red.

Published on July 31, 2013 05:05