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Bank stocks led by market bellwether SBI were on a downward spiral with the BSE Bankex ranking next only to the auto index as the biggest losers around noon today.
The extent of the negative sentiment sweeping the sector could be gauged from the fact that 13 of the 14 bankex stocks were in the red. The only exception was HDFC Bank which was up Rs 4.70 at Rs 554.50.
SBI shed Rs 47.75 to trade at Rs 2,091.70. It was followed by two major private sector banks-ICICI Bank and Axis Bank.
While Axis Bank lost Rs 34.20 to trade at Rs 1,068, ICICI Bank was trading at Rs 856.30, a loss of Rs 25.40.
Among others to shed significant value were BoI, which lost Rs 10.30 at Rs 337.50 and PNB which was down Rs 11.20 at Rs 854.50.
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