Financial stocks extend decline; ICICI, Axis Bank, 19 others hit 52-wk lows

The sudden economic stop caused by Covid-19 containment measures will lead to a global recession this year, bringing intense credit pressure, said S&P Global Ratings

Shares of financial companies including banks, non-banking finance companies (NBFCs), insurance and micro finance companies (MFCs) were reeling under pressure on Wednesday on expectation of slower growth amid coronavirus (Covid-19) concerns.

ICICI Bank, IndusInd Bank, Axis Bank, DCB Bank, Bandhan Bank, Manappuram Finance, Equitas Holdings, Mahindra & Mahindra Financial Services, Max Financial Services and Ujjivan Financial Services were among the 21 stocks from the financial sector that hit their respective 52-week lows on the National Stock Exchange (NSE) today. 

At 10:09 am, Nifty Bank, Nifty Fin Services and Nifty Private Bank indices were down nearly 3 per cent, as against a 1.4