Canara Bank, Bank of India, Andhra Bank hit 52-week lows

In past one month, most the PSU banks have underperformed the market by falling more than 10% against 1.4% decline in Nifty 50 index

Shares of four state-owned banks - Canara Bank, Bank of India, Andhra Bank and Bank of Maharashtra – hit their respective 52-week lows on the National Stock Exchange (NSE) in otherwise firm market. At 10:23 am; Nifty PSU Bank index was trading 0.1% lower as compared to 0.52% rise in the benchmark S&P BSE Sensex.

Five public sector banks (PSBs), including Canara Bank and Andhra Bank, are on the brink of being put under the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA) plan. According to rating agency Icra, their net non-performing assets (NPAs) rose above 6% in