Hold South Indian Bank for long term: Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "South Indian Bank is struggling with the same problem of bad loans like many other PSU banks. However, I think probably the worst is over. If somebody has a holding capacity of more than two to three years whether somebody wants to hold then probably it is a hold. However, in short-term even if you see there is an under performance compared to other PSU banks like State Bank of India, Canara Bank and Punjab National Bank. So, there are couple of banks that even inspite of the reversal immediately, I don’t think so there is any major upside available.""The only caveat of holding this stock is that probably the downside is limited and the asset quality might increase or might turn better in the quarters to come or years to come. So, if somebody has a love for this stock and wants to hold for two to three years then probably the worst is over. However, I don’t think there is anything available immediately. It is a kind of hold just because downside looks limited or probably the worst is over," he added.