PSBs slide up to 8 per cent after investors take profit

PSBs slide up to 8 per cent after investors take profit
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New Delhi: Public sector bank stocks, led by PNB, on Friday fell by up to 8 per cent due to profit-booking in a volatile broader market.

Punjab National Bank plunged as much as 7.95 per cent, Allahabad Bank 7.76 per cent and Bank of India 6.80 per cent on the BSE.

Among others, Bank of Baroda tanked 5.96 per cent, Union Bank of India 5.85 per cent, Syndicate Bank 5.39 per cent, UCO Bank 5.38 per cent and SBI 3.03 per cent. The BSE bank index also fell by 0.82 per cent to end at 28,096.49.

“Domestic indices remained volatile within a narrow range as a mixed bag of corporate numbers and profit-booking in PSBs crippled the market’s momentum,” said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.

Bank stocks were on fire on Wednesday, surging up to 46 per cent following the government’s announcement of Rs 2.11 lakh crore recapitalisation plan to strengthen NPA-hit public sector lenders.

On Thursday, the bank stocks ended on a mixed note. The BSE 30-share Sensex ended 10.09 points higher at 33,157.22 on Friday.

PTI