At around 3.10 pm, Nifty Bank was trading at 32,041.00 down 502.70 points or 1.54%. The index slumped to an intraday low of 32,025.05.
Nifty PSU Bank plunged by 3.64% at 1,908.60. While Nifty Private Bank slipped by 1.16% at 17,593.70.
On Nifty Bank, Bandhan Bank was the top loser tumbling by nearly 6% followed by Bank of Baroda down nearly 5%. IDFC First Bank also plunged by near 5% and PNB dived 4%.
Stocks like SBI and IndusInd Bank dropped by 3% each. Nearly 2% fall each was recorded in Federal Bank, RBL Bank and Kotak Bank. HDFC Bank dipped by over 1%.
However, ICICI Bank traded marginally higher and became the only stock in the green.