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Bank Stocks Feel the Heat as PNB Turmoil Deepens

Shares of the State Bank of India fell 2.77 percent to settle at Rs 256.50 on BSE, while that of ICICI Bank tumbled 2.64 percent to end the day at Rs 295.10.

PTI

Updated:March 6, 2018, 8:50 PM IST
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Bank Stocks Feel the Heat as PNB Turmoil Deepens
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New Delhi: Shares of major private and public sector lenders slumped as much as 2.77 percent on the BSE today after coming under heavy selling pressure amid fresh developments in the PNB fraud matter.

Bank shares felt the heat following reports that ICICI Bank managing director and chief executive Chanda Kochhar and her Axis Bank counterpart Shikha Sharma have been summoned by the Serious Fraud Investigation Office (SFIO) in the PNB fraud case.

Besides, the Reserve Bank of India imposing a penalty of Rs 3 crore on Axis Bank for violation of NPA (Non-Performing Assets) classification norms and Rs 2 crore on Indian Overseas Bank for not complying with the KYC (Know Your Customer) regulations, also proved to be a dampener.

Shares of the State Bank of India fell 2.77 percent to settle at Rs 256.50 on BSE, while that of ICICI Bank tumbled 2.64 percent to end the day at Rs 295.10.

Bank of Baroda stock slumped 2.45 percent to end the trading session at Rs 135.15 and shares of the Punjab National Bank (PNB) settled at Rs 97.75, down 2.30 percent from the previous close. Shares of Axis Bank dropped 1.31 percent to settle at Rs 516.80.

Other losers included Kotak Bank (1.53 percent), Federal Bank (1.08 percent), HDFC Bank (1.07 percent) and Yes Bank (0.11 percent). However, shares of IndusInd Bank gained 1.21 percent to settle at Rs 1707.10. The overall banking index ended the day on 27551.44 points, down 1.44 percent from the previous close.

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| Edited by: Tarun Bhardwaj
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