PSU bank stocks continued to witness profit booking for seventh time in eight sessions and the Nifty PSU index fell 2% on June 19.
The euphoria seen in these stocks post-RBI MPC meet has been on the wane lately.
On June 19 at 12:45 pm, Bank of India stock was the biggest loser in the Nifty PSU Bank index by falling 4% to trade at Rs 114.85, followed by Union Bank of India, which fell 3.84% to trade at Rs 138.58.
Canara Bank's shares fell 3% to trade at Rs 104.84 apiece. Shares of UCO Bank and Punjab & Sind Bank fell 3.07% and 2.91%, respectively.
At 12:45 pm, Nifty PSU Bank index was trading 2.28% lower at 6,718 with all its 12 constituents trading in red. In the last eight sessions the index fell over 6%.
PSU bank shares rose earlier this month after Reserve Bank of India's Monetary Policy Committee slashed the cash reserve ratio by 100 bps.
On June 19, Bank Nifty was trading 0.4% lower at 55,588, with 10 of its 12 constituents trading in red.
In afternoon trade, losses in Bank Nifty were led by Canara Bank and Punjab National Bank, which fell 3.08% and 2.51%, respectively.
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