Bank stocks worst hit in today's carnage

Markets suffered heavy losses today with bank stocks coming down significantly.

The cues from US financial markets were extremely negative with credit crisis from US investment bank Bear Stearns that has taken a toll on global markets. On Friday, Dow lost 194.65 points, or 1.60%, to 11,951.09 and the Nasdaq composite index declined 51.12 points, or 2.26%, to 2,212.49. The fall came in after the Fed Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase agreed to buy Bear Stearns for USD 2 a share. New York Fed and JP Morgan chase will provide emergency funding to Bear Stearns to stave off liquidity problems arising from the credit crisis.

Due to the Global Crisis Indian Banking and Financial sector was under tremendous pressure. Then Banking sector was down about 8%, front runner stocks like ICICI Bank, BoB, Yes Bank, were down 11%, 10% respectively. Other Banking stocks were down between 6% to 10%.

Both stocks in private or public sector has lost almost 42% to 58% from their 52-wk high. Stocks like Kotak Bank, BoB, ICICI Bank which is down about 58%, 49%, 47% respectively. 

Note: All the figures taken from BSE at 2.30pm, March  17, 2008

-Aniket Vakharia