Comments
Shares of major private and public sector lenders slumped as much as 2.77 per cent on the BSE today after coming under heavy selling pressure amid fresh developments in the PNB fraud matter.
Bank shares felt the heat following reports that ICICI Bank managing director and chief executive Chanda Kochhar and her Axis Bank counterpart Shikha Sharma have been summoned by the Serious Fraud Investigation Office (SFIO) in the PNB fraud case.
Penalty
Besides, the Reserve Bank of India imposing a penalty of Rs 3 crore on Axis Bank for violation of NPA (Non-Performing Assets) classification norms and Rs 2 crore on Indian Overseas Bank for not complying with the KYC (Know Your Customer) regulations, also proved to be a dampener.
Shares of the State Bank of India fell 2.77 per cent to settle at Rs 256.50 on BSE, while that of ICICI Bank tumbled 2.64 per cent to end the day at Rs 295.10.
Bank of Baroda stock slumped 2.45 per cent to end the trading session at Rs 135.15 and shares of the Punjab National Bank (PNB) settled at Rs 97.75, down 2.30 per cent from the previous close.
Shares of Axis Bank dropped 1.31 per cent to settle at Rs 516.80.
Other losers included Kotak Bank (1.53 per cent), Federal Bank (1.08 per cent), HDFC Bank (1.07 per cent) and Yes Bank (0.11 per cent).
However, shares of Indusind Bank gained 1.21 per cent to settle at Rs 1707.10.
The overall banking index ended the day on 27551.44 points, down 1.44 per cent from the previous close.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.