The growth in NPAs the banking behemoth SBI has recorded in Q1 of this fiscal not only pulled down its stock but almost the entire bankex stocks on the BSE today.
Of the 14 bank stocks in the bank index, only Kotak Mahindra Bank was in the green, though only marginally. SBI was the biggest loser in terms of value, slipping below the Rs 1,900 levels.
The private sector banks, which were generally preferred by the analysts and many of which had shown their NPAs under control did not escape the panic selling by investors, though the extent of their losses was not very significant.
Axis Bank was down by Rs 11.85 to Rs 1,074.85, Bank of India lost Rs 6.80 at Rs 274.10, BoB shed Rs 14.95 at Rs 632, Canara Bank was trading at Rs 347.60, a loss of Rs 4.40, ICICI Bank shed Rs 9.40 at Rs 943.65 and PNB was down by Rs 7.45 at Rs 726.
But the biggest loser was SBI, which was trading at Rs 1897.10, a loss of Rs -74.85. IDBI Bank, IndusInd Bank,Union Bank and YES Bank escaped with minor losses.
Kotak Mahindra was trading at Rs 565.95, up by Rs 1.35, on the BSE