Sell Federal Bank, says Sharmila Joshi

Sharmila Joshi of sharmilajoshi.com told CNBC-TV18, "In terms of valuations Federal Bank is okay, because I think the book value is closer to Rs 48-49 forward if you take but given the fact that a lot of these banks, I would not say Federal Bank is alone in that, a whole host of banks have corrected over the last year, so it gives you a good opportunity to enter some other bank where hopefully, recovery could be faster.""So, given that we are seeing such a big sell-off coming even on ICICI Bank and Axis Bank, a whole host of private banks, it might be a good idea to just wait it a bit. Sell off Federal bank, wait a bit because we are seeing correction coming into banking and then enter into a stock like an ICICI Bank. That would to my mind make more sense than just staying invested in Federal Bank, because at the end of the year, you will probably find ICICI Bank in a better place than Federal Bank," she added.