Financial stocks crack; Nifty Bank tanks 4%; Axis Bank, SBI slide up to 5%

That apart, NBFC stocks such as Bajaj Financial Holding, Bajaj Finserv, M&M Finance, Choldamandalam Investment and Finance Company, and Bajaj Finance tumbled up to 5 per cent

Financial counters, including heavyweights like HDFC Bank and HDFC, came under selling pressure on Tuesday. Nifty Bank index skid 4 per cent to hit an intra-day low of 21,222.45 in afternoon deals, and was among the top drags on the National Stock Exchange (NSE). Besides, Nifty PSU Bank and Nifty Private Bank indices, too, declined 4 per cent each.

At 1:17 pm, the Nifty Bank index was trading near's day low at 3.9 per cent as against 233 points, or 2 per cent, decline in the benchmark Nifty50 index. Nifty PSU Bank and Private Bank indices were down 3.8 per