Bank Stocks Slide: 84% Nifty Bank Stocks Slump, Pvt Lenders Suffer More

  • Stock Market News
Bank Stocks Slide: 84% Nifty Bank Stocks Slump, Pvt Lenders Suffer More

By Malvika Gurung -- Bank and financial stocks, especially private banking scrips were trading in the negative territory on Thursday, led by a broad cautious mood across the domestic market, amid no signs of the Russia-Ukraine crisis de-escalating, and rising oil prices putting inflationary pressures.

Of the 12 stocks listed on the sectoral index Nifty Bank , only 2 ended in the green, namely AU Small Finance Bank (NS: AUFI ) and RBL Bank (NS: RATB ), while Kotak Mahindra Bank (NS: KTKM ), HDFC Bank (NS: HDBK ) and Bandhan Bank (NS: BANH ) dropped the most, up to 3.2%.

Even on the benchmark indices Nifty 50 and BSE Sensex , banking stocks were the worst performers.

9 out of 10 stocks listed on the Nifty Private Bank (sectoral) index ended the session in red, creating pressure on the headline indices.

The banking stocks on Thursday were majorly affected by a sharp slump in the shares of Kotak Mahindra Bank, amid reports of its stakeholder Canada Pension Plan likely to offload up to 2.02% stake in the lender through a bulk deal on March 24.

Meanwhile, shares of the country’s largest private lender HDFC Bank continued its previous session’s downward movement on Thursday, ending 2.35% lower.

Amid the public sector banks, behemoths like SBI (NS: SBI ) and PNB (NS: PNBK ) ended upto 0.5% lower, while Canara Bank (NS: CNBK ) gained 0.13% and Bank of Baroda ended flat.

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