Nifty Private Bank index drops 1% after AGR verdict

Shares of IndusInd Bank dropped 2.5%, IDFC First Bank, RBL Bank and Axis Bank were down 2% each on the Banking index.

Feb 14, 2020 06:02 IST India Infoline News Service

The Nifty Private Bank index was trading under pressure in the late morning trade the media reports said that the Supreme Court drew contempt against them and government officials for not complying with its order to pay AGR dues by January 23.

The index is trading lower by 190 points or 1.13% at 16,889 levels. Shares of IndusInd Bank dropped 2.5%, IDFC First Bank, RBL Bank and Axis Bank were down 2% each on the Banking index. Further, City Union Bank, Federal Bank, Kotak Mahindra Bank and ICICI Bank were also trading in the negative zone.

On the other hand, shares of Yes Bank jumped 6% for the second day after the bank received a non-binding expression of interest (EoI) from JC Flowers & Co, Tilden Park Capital Management, OHA (UK) and Silver Point Capital.

Apcotex Industries, Bharat Gears, Birla Tyres, Engineers India, GIC Housing Finance, Future Supply Chain Solutions, Indian Bank, Jayant Agro Organics, The Jammu & Kashmir Bank, Kirloskar Oil Engines, Oriental Hotels, Premier Explosives, R.P.P. Infra Projects, Universus Photo Imagings and Zensar Technologies stock that hit a 52-week lows on the NSE.

Meanwhile, benchmark indices gave up the opening gains to trade lower on Friday. The Sensex dropped 71 points and the Nifty fell 18 points.

Stock view:
IndusInd Bank Ltd is currently trading at Rs1,207.25, down by Rs22.95 or 1.87% from its previous closing of Rs1,230.20 on the BSE.

HDFC Bank Ltd is currently trading at Rs1,230.50, down by Rs10.7 or 0.86% from its previous closing of Rs1,241.20 on the BSE.

RBL Bank Ltd is currently trading at Rs321.80, down by Rs4.05 or 1.24% from its previous closing of Rs325.85 on the BSE.

IDFC First Bank Ltd is currently trading at Rs40.10, down by Rs0.75 or 1.84% from its previous closing of Rs40.85 on the BSE.

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