Financial shares under pressure; IndusInd Bank, RBL Bank slip up to 24%

ICICI Bank, IDFC First Bank and Axis Bank were down in the range of 10% to 11%, while HDFC, Bajaj Finance, SBI, Federal Bank and Power Finance Corporation were down 8% to 9% on the NSE.

Shares of financial sectors, including banks and non-banking financial companies (NBFC), were under pressure falling by up to 24 per cent on the National Stock Exchange (NSE) on Monday on expectation of slower growth amid coronavirus concerns.

At 03:00 pm; Nifty Bank, Nifty Financial Services and Nifty Private Bank indices were down between 8.3 per cent and 9 per cent, as against 7.8 per cent decline in the Nifty 50 index. However, Nifty PSU Bank index was down 5.5 per cent on the NSE.

RBL Bank has tanked 24 per cent to Rs 158, its lowest level since