Nifty PSU Bank index down 3%; Bank of Baroda dips 9%

BOI, Oriental Bank, Canara Bank, PNB, Andhra Bank,Syndicate Bank and Allahabad Bank were down 2%-4%

Shares of public sector undertaking (PSU) bank were trading under pressure with the Nifty PSU Bank index falling over 3% led by decline in Bank of Baroda (BOB), Bank of India (BOI) and Oriental Bank of Commerce.

Besides these three stocks, Canara Bank, Punjab National Bank (PNB), Syndicate Bank, Andhra Bank, Allahabad Bank and Union Bank of India were down between 2% and 9% on the National Stock Exchange (NSE).

At 12:25 am; Nifty PSU Bank index, largest loser among sectoral indices was down 3.1% at 3,308. On comparison, Nifty Bank and Nifty 50 index were down 0.3% each, while Nifty Private Bank was marginally up by 0.15%.

BOB, the biggest loser among PSU banks, was down 9.5% at Rs 170 in intra-day trade after the bank reported a mixed quarter with fresh slippages increasing to Rs 3,073 crore in December 2016 quarter (Q3FY17) against slippages of Rs 2,252 crore during Q2FY17.

“Despite elevated slippages gross and net performing assets ratio however remained flat sequentially due to higher w/offs at Rs 1,775 crore against Rs 216 crore in 2QFY17 while recovery/upgrades remain on track,” analysts at Antique Stock Broking said in results review.

Analysts believe that the strong stock performance and weaker-than-expected pick up in earnings will limit any returns in the near term.

COMPANY	LATEST	PREV CLOSE	LOSS(%)
BANK OF BARODA	171.20	188.05	-8.96
BANK OF INDIA	127.90	133.90	-4.48
ORIENTAL BANK	120.70	125.85	-4.09
INDIAN BANK	292.50	303.15	-3.51
SYNDICATE BANK	68.40	70.75	-3.32
CORPORATION BANK	49.85	51.55	-3.30
ANDHRA BANK	54.70	56.55	-3.27
VIJAYA BANK	60.45	62.45	-3.20
PUN. & SIND BANK	51.80	53.40	-3.00
PUNJAB NATL.BANK	140.90	145.20	-2.96
CANARA BANK	301.65	310.70	-2.91
DENA BANK	38.60	39.65	-2.65
I O B	26.45	27.15	-2.58
UNION BANK (I)	146.30	149.80	-2.34
IDBI BANK	80.25	82.15	-2.31
ALLAHABAD BANK	72.30	73.90	-2.17
CENTRAL BANK	87.55	89.45	-2.12
S B T	565.10	576.80	-2.03
ST BK OF INDIA	271.45	276.25	-1.74
UCO BANK	35.70	36.20	-1.38