Flash: Selling Intensifies in Late Trade; Public Banks Hammered, PNB Tanks 15%

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Flash: Selling Intensifies in Late Trade; Public Banks Hammered, PNB Tanks 15%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- In a torrid session today, Indian shares have corrected sharply, following Russian orders of military operations in Ukraine, ringing bells of an impending Russian invasion, soaring oil prices to their highest levels since 2014.

In the morning session alone, about 77 stocks on the BSE 500 index recorded their 52-week lows as benchmark equity indices Nifty 50 and Sensex tumbled under heavy selling pressures.

As per a PTI report, some of the aforementioned 77 stocks include Apollo Tyres (NS: APLO ), Dr. Reddy’s Labs (NS: REDY ), Bharat Petroleum (NS: BPCL ), Gillette India (NS: GILE ), Exide Industries (NS: EXID ), and HDFC (NS: HDFC ) Life Insurance (NS: HDFL ), among others.

Investors on Dalal Street lost a roaring Rs 10 lakh crore worth of wealth in today’s session. 

All sectoral indices slumped deeply, with Nifty PSU Bank tanking 8.6%, led by Punjab National Bank (NS: PNBK ) down 14.73% and Bank of India (NS: BOI ), down 14.3%, at the time of writing. Nifty Bank shed 6.2%.

Headline benchmark gauges extended selling in the final hour of the trading session. Fear barometer India VIX surged at a record 30.3% at the time of writing.

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