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The NSE Bank Nifty is the biggest loser among the indices this morning but surprisingly the 12 bank stocks that constitute the Bank Nifty are nowhere their 52-week lows on the NSE.
The index loss seems to be significant because of the loss suffered by three bank heavyweights – SBI, ICICI Bank and Axis Bank — rather than any overall slump suffered by the banking stocks.
SBI was the biggest loser in terms of value, losing Rs 50.25 or 2.66 per cent to trade at Rs 1,841.45. ICICI Bank, which shed Rs 31.75 or 3.53 per cent, and Axis Bank that lost Rs 43.40 or 3.87 per cent to trade at Rs 1,078.45 were the other big losers.
The only other bank stock, whose loss was in double-digit, was Bank of Baroda that lost Rs 12.90 to trade at Rs 747.
Rest of the banking stocks namely HDFC Bank, PNB, Indusind Bank, Bank of India, Kotak Bank, Canara Bank, IDBI and Union Bank of India suffered only minor bruises, though the bank index itself had shed 220 points.
Barring IDBI Bank, trading at Rs 102.15 compared to its yearly low of Rs 94.45, no other bank stock appeared to be in danger of breaching its 52-week low anytime soon if the market crisis deepens.
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