PSU Bank Stocks Plunge 7%

21 Nov 2024 , 03:08 PM

Significant drops were seen in the stock prices of public sector banks on Thursday, with some falling as much as 7%. SBI, Bank of Baroda, PNB, and Canara Bank were the main culprits behind the Nifty PSU index’s over 5% dip.

On the NSE, shares of Punjab National Bank fell 6% to Rs 94.81, Canara Bank down 5.4% to Rs 92.52, and SBI fell 5% to Rs 761.55. The declines in the Nifty PSU index were led by Bank of Baroda’s shares, which fell 7.3% to Rs 219.85 on the NSE.

The Nifty50 and the BSE Sensex indices were both trading lower today, which is consistent with the market’s general weakness. This was probably caused by the declines in Adani stocks after the billionaire chairman of the Adani Group was indicted in New York for allegedly participating in a multibillion-dollar bribery and fraud scheme.

At 77,173, the BSE Sensex was down 404 points, or 0.52%. Around 3:06 p.m., the Nifty50 was trading at 23,339, down 179 points, or 0.75%.

After US authorities accused the billionaire chairman of the Indian conglomerate of engaging in a bribery and fraud conspiracy, shares of Adani Group firms plunged on Thursday.

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