Bankex tanks on regulation concerns

The Bank index tumbled 691 points post budget presentation to close at 7,768.

After budget announcement the banking stocks plunged as Finance Minister Pranab Mukherjee had announced continued regulation in the banking and financial sector.

He added that our government would take balanced approach to the banking and financial sector to ensure robust oversight and regulation while expanding financial access and deepening markets even as we introduce competition and new technology in this sector.

ICICI Bank nosedived over 10% to Rs 678.

IDBI Bank plunged 9.5% to Rs 101.

SBI, Axis Bank and Union Bank of India tumbled 8.5% each to Rs 1,655, Rs 794 and Rs 233, respectively.

Kotak Mahindra Bank and Punjab National Bank tanked 7.5% each to Rs 596 and Rs 642, respectively.