Banking shares are under pressure in morning deals falling up to 7% after the Fed said that it would start curtailing its monetary stimulus measures if the economy continues to recover.
HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, Dena Bank, Bank of India, Indian Overseas Bank, Union Bank of India and Bank of Baroda are down in the range of 3-7% on the Bombay Stock Exchange (BSE). The BSE banking index Bankex, is down 397 points or 2.93% at 09555 hours.
Meanwhile, the rupee slumped to a record low today raising concerns that the rising rupee would force the Reserve Bank of India to defer reduction in key policy rate going forward.
HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, Dena Bank, Bank of India, Indian Overseas Bank, Union Bank of India and Bank of Baroda are down in the range of 3-7% on the Bombay Stock Exchange (BSE). The BSE banking index Bankex, is down 397 points or 2.93% at 09555 hours.
Meanwhile, the rupee slumped to a record low today raising concerns that the rising rupee would force the Reserve Bank of India to defer reduction in key policy rate going forward.