PSU bank stocks hit fresh air pocket with many of the blue-chip counters slipping to fresh 52-week lows today.

The downward pressure the stocks witnessed was not restricted to the PSU banks alone but what distinguished the private sector players was that despite the fall in their stock prices, they stayed clear of their yearly lows.

While many of the PSU bank stocks managed to claw back from their yearly lows today, the erosion in their value in the past few months has been very steep.

Among the private sector banks, the major losers were Axis Bank and Federal Bank. Axis Bank was down by Rs 15.55 to Rs 1,023.55 on the NSE. Federal Bank, which witnessed large volume of over 7 lakh shares, shed Rs 8.75 to Rs 405.30.

But the loss suffered by some of the PSU bank stocks pushed them to new 52-week lows. PNB tumbled to a new 52-week low of Rs 670 before recovering to Rs 683.30. The trading volume was a high 4.29 lakh shares. It was on February 21 this year the stock had touched its yearly high of Rs 1091.05.

Union Bank of India, which fell to a yearly low of Rs 151.40, managed to recover to Rs 154.95, a gain of 10 paise. The stock had hit a 52-week high of Rs 274 on February 22 this year. This counter also witnessed a high volume of trading of 1.91 lakh shares.

IOB was down to Rs 68.45 that was marginally higher than its 52-week low that it hit today - Rs 67.75. On September 8 last year, the scrip had hit its 52 week high of Rs 115.30.

BoB crashed to its 52-week low of Rs 610 today before clawing back to Rs 618.70. This stock too has shed significant value after touching a yearly high of Rs 881 on February 17 this year.

Canara Bank completed the tally of major PSU losers, falling to a new 52-week low of Rs 316.10 before recovering to Rs 321. This stock too had suffered major value erosion in the past six months after it touched a 52-week high of Rs 566 on February 17.

(This article was published on August 28, 2012)
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