Morgan Stanley downgrades SBI, PNB on margin pressure

Morgan Stanley downgraded some state-run Indian banks including the largest lender State Bank of India and Punjab National Bank, citing pressure on the lenders' net interest margins.

May 02, 2011 / 23:05 IST

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Morgan Stanley downgraded some state-run Indian banks including the largest lender State Bank of India and Punjab National Bank, citing pressure on the lenders' net interest margins.

Morgan Stanley downgraded State Bank of India to "underweight" from "equalweight," and Punjab National Bank and Canara Bank to "underweight" from "overweight," it said in a research note on Monday.

The ratings on Bank of India and Bank of Baroda have also been cut to "underweight" from "overweight," while Corporation Bank has been reduced to "equalweight" from "overweight."

first published: May 2, 2011 10:18 am

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