Eleven bank stocks fell 0.75% to 1.95% at 11:36 IST on BSE on reports that the collective exposure of banks to coal blocks which are under legal scrutiny and related industries stands at a whopping Rs 4 lakh crore.
Yes Bank (down 1.95% at Rs 613.55), IndusInd Bank (down 1.88% at Rs 622.40), Canara Bank (down 1.31% at Rs 390.45), Bank of Baroda (down 1.25% at Rs 892), Bank of India (down 1.73% at Rs 278), Federal Bank (down 1.24% at Rs 123.75), Punjab National Bank (down 1.21% at Rs 941), State Bank of India (down 1.22% at Rs 2,536.10), Kotak Mahindra Bank (down 0.87% at Rs 1,064.50), HDFC Bank (down 0.84% at Rs 858.10), and Axis Bank (down 0.75% at Rs 416.20) declined.
ICICI Bank was up 1.16% at Rs 1,565.70 after the bank said that its board approved a 5-for-1 stock split.
Meanwhile, the S&P BSE Sensex was down 144.08 points or 0.53% at 27,121.24.
The Bankex had outperformed the market over the past one month till 9 September 2014, surging 9.51% compared with the Sensex's 7.64% rise. The index had, however, underperformed the market in past one quarter, advancing 3.89% as against Sensex's 6.59% rise.
As per the reports, the collective exposure of banks to coal blocks which are under Supreme Court's scanner and related industries stands at a whopping Rs 4 lakh crore. After a day-long hearing on the fate of 218 coal blocks, the Supreme Court on Tuesday, 9 September 2014, reserved its judgement to an unspecified date. The Supreme Court had on 25 August 2014 held that the allocation of coal blocks to various firms between 1993 and 2009 was illegal.
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