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PSU Bank index closes 2.8% lower dragged by BOI, Canara Bank; SBI, PNB fall 2%

The PSU banking index cracked 2.87 percent after investigation deepened in the PNB fraud case. The largest contributor to the index fall was Bank of India which plunged 6.46 percent, hitting fresh 52-week low. Syndicate Bank ended lower by 5 percent.

March 06, 2018 / 04:00 PM IST

The Indian equity market had a disappointing day on Tuesday after the broader benchmark indices shed over 1 percent each. The Sensex was down 429 points or 1.27 percent while the Nifty fell 109 points at 10, 249.

The Bank Nifty ended lower by 1.5 percent dragged mainly by the PSU banks. ICICI Bank was down 2.74 percent after SFIO summons to Chanda Kochchar.

However, the biggest drag to the market fall was that of the PSU banking index which cracked 2.87 percent after investigation deepened in the PNB fraud case. The largest contributor to the index fall was Bank of India which plunged 6.46 percent, hitting fresh 52-week low. Syndicate Bank ended lower by 5 percent.

Canara Bank was the other PSU bank which fell 5.1 percent, thereby registering a new 52-week low. Oriental Bank of Commerce ended lower by 3 percent while PSU heavyweights including State Bank of India and Punjab National Bank shed over 2 percent each.

Allahabad Bank and Andhra Bank were the other stocks which registered loss of over 3 percent each at the end of trade on Tuesday, recording a fresh 52-week low as well. Union Bank of India ended lower by 4 percent while Bank of Baroda shed 2.5 percent.

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In the NSE, the breadth was weak with 1272 stocks declining while 275 advanced and 37 remained unchanged.
Sandip Das

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