As details of the RBI panel report on provisioning of bank loan recast started trickling in, the bankex was seen losing value on the BSE this afternoon.

The market was already weak over emerging political tensions in the wake of flexing of muscle by the NCP.

But after the highlights of the RBI panel recommendations were flashed on the TV screens, the Sensex began shedding value further — from being down by 75 points to 115 points — quite rapidly before recovering to 17,183 levels, down by 97 points.

Axis Bank was down by Rs 7.45 to Rs 1,049.55, Federal Bank shed Rs 8.75 to trade at Rs 418, HDFC Bank slipped to Rs 583.25, a loss of Rs 5.85, ICICI Bank slipped to Rs 936, down by Rs 14.05, IndusInd Bank lost Rs 6 to Rs 332, Kotak Mahindra Bank was down by Rs 17.60 at Rs 561.65, PNB lost Rs 6.10 to Rs 818.15 and SBI shed Rs 18.75 to Rs 2,139.

While all the 14 bank stocks forming the bankex were down, Bank of India down by Re 1 to Rs 325, BoB at Rs 693.60 (-Rs 3.10), Canara Bank at Rs 401.80 (-Rs 2.30), IDBI Bank at Rs 92.70 (-Rs 1.10), Union Bank Rs 192.25(-Re 0.70) and Yes Bank at Rs 353.25 (-Rs 1.35) escaped with minor losses.

The bankex was down by about 156 points to be the biggest sectoral loser on the BSE around 1.50 pm today.

(This article was published on July 20, 2012)
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