Bank stocks plunge on inflation shocker
With the latest inflation numbers raising questions as to whether the RBI would bite the bullet (on interest rate cut), the bank counters took a dive on the BSE today.
The Bankex became one of the biggest sectoral casualties on the BSE with the index shedding about 180 points after the inflation figures were released.
AXIS Bank lost Rs 24.35 to slip to Rs 1,022.25 and SBI shed Rs 32.90 to Rs 2,189.35. PNB, which had made a sharp recovery in the recent past, was another major casualty, paring Rs 27.55 at Rs 786.10. ICICI Bank was trading at Rs 829.85, down by Rs 19.25.
Bank of India was trading at Rs 349.95, a loss of Rs 6.35 and Bank of Baroda was down to Rs 704.05, a loss of Rs 15.10. Canara Bank at Rs 418.35 was down Rs 13.75 and HDFC Bank was trading at Rs 539.50, a loss of Rs 3.20.
All the 14 Bankex stocks were down.
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