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With Spain’s sovereign debt rating slashed and divergent views emerging as to whether rate cut by the RBI would really materialise in India and if so to what extent, the bank stocks were on reverse gear today.
It was reported that the rating agency Fitch had cut Spain's sovereign debt rating steeply, cautioning that the country faced the risk of being downgraded into junk bond status._
The Bankex, which shed about 82 points, was the biggest sectoral index loser in the BSE, led by losses by Axis Bank and SBI. Axis Bank was down by Rs 18.75 at Rs 1039 and SBI shed Rs 15.35 to trade at Rs 2152.50. ICICI Bank slid to Rs 818.75, a loss of Rs 11.20.
BoB, Federal Bank, IDBI, IndusInd and Union Bank were up marginally while PNB was up by Rs 8.25 at Rs 774
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