GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

PSU Bank Stocks Fall After Recapitalisation Plan Announcement

The government said it will infuse an unprecedented Rs 88,139 crore capital in 20 public sector banks (PSBs) before March 31 to boost lending and revive growth.

PTI

Updated:January 25, 2018, 1:22 PM IST
facebookTwittergoogleskypewhatsapp
PSU Bank Stocks Fall After Recapitalisation Plan Announcement
Representative image
Loading...
New Delhi: PSU bank stocks fell up to 6 per cent a day after the government said it will infuse Rs 88,139 crore capital in 20 public sector banks (PSBs) before March 31.

Shares of Syndicate Bank tanked 5.82 per cent, Punjab National Bank 5.73 per cent, Bank of Baroda 4.80 per cent, SBI 4.32 per cent and Oriental Bank of Commerce shed 4.28 per cent on BSE.

On similar lines, Allahabad Bank fell 3.21 per cent, Bank of India 2.43 per cent and United Bank of India lost 0.27 per cent.

Meanwhile, IDBI Bank shares rose 1.07 per cent on being allocated the highest capital infusion amount among PSBs.

The government on Wednesday said it will infuse an unprecedented Rs 88,139 crore capital in 20 public sector banks (PSBs) before March 31 to boost lending and revive growth.

It unveiled steps to tackle the bad loan problem which has reached record levels.

The lenders, which include State Bank of India, account for more than two-third of India's banking assets as well as most of the over Rs 8 lakh crore of non-performing assets (NPAs) or bad loans.

The capital infusion is part of the massive Rs 2.11 lakh crore bank recapitalisation plan announced by the government in October last year. It is spread over two financial years -- 2017-18 and 2018-19.

The finance ministry will raise Rs 80,000 crore through recapitalisation bonds, and provide another Rs 8,139 crore from the Budget to recapitalise the banks.
| Edited by: Ananya Chakraborty
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 313.90 -2.18
Yes Bank 198.35 -3.64
ICICI Bank 369.00 -0.27
HDFC Bank 1,989.00 0.70
TCS 1,894.40 1.15
Company Price Change %Gain
Jet Airways 314.00 -2.17
Yes Bank 198.60 -3.59
Top Gainers
Company Price Change %Gain
HCL Tech 1,011.70 2.32
Bharti Infratel 260.05 1.82
Sun Pharma 524.25 1.78
Cipla 527.50 1.61
TCS 1,894.00 1.13
Company Price Change %Gain
Sun Pharma 524.45 1.84
TCS 1,894.00 1.53
Hero Motocorp 2,938.30 0.72
M&M 771.90 0.80
Tata Motors 181.80 1.03
Top Losers
Company Price Change %Gain
IOC 141.80 -3.31
ONGC 154.00 -3.05
Yes Bank 198.35 -3.64
HPCL 243.50 -2.25
BPCL 316.90 -1.54
Company Price Change %Gain
Yes Bank 198.60 -3.59
ONGC 153.90 -3.15
Tata Steel 584.70 -0.67
SBI 284.60 -0.25
HUL 1,695.65 -0.58

Live TV

Loading...
Loading...