Stocks

Bank Nifty crashes by over 400 points

R Yegya Narayanan Coimbatore | Updated on January 24, 2018

The CNX Bank Nifty has crashed with the sectoral index losing more than 400 points after the RBI came out with its policy review. The Reserve Bank of India on Tuesday left the key rates unchanged.

What probably could have added to the market nervousness was the Q3 results of PNB which showed that despite a marginal increase in net profit, the bank’s net NPA level had spiked by a percentage point.

All the twelve stocks in the Bank Nifty are in the red with the big losers being HDFC Bank, YES Bank, Canara Bank, Kotak Mahindra Bank, Axis Bank and PNB, showing that investors were showing no particular preference for private banks while deciding which bank stock to sell.

HDFC Bank was down by ₹15.90 at ₹1065.70 and Canara Bank shed ₹9.20 to trade at ₹445.55. Kotak Mahindra Bank shares lost ₹36.85 to slip to ₹1315.50 and Axis Bank was down by ₹24. 25 at ₹593.05. PNB was another big loser, down by ₹13.95 or 7.27 per cent to trade at ₹177.85. Yes Bank lost ₹17.60 to trade at ₹814.60.

Some of the bigger banks were able to limit their losses. SBI shed ₹5.70 to trade at ₹301.80 and ICICI Bank shares were trading at ₹346.15, a loss of ₹5.70. BoB lost just ₹1.05 to trade at ₹186.80 and Federal Bank was trading at ₹143.80, a loss of ₹1.

The Bank Nifty lost nearly 410 points with all the 12 Bank Nifty stocks in the red.

Published on February 03, 2015

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