Financials under pressure; ICICI Bank, RBL Bank, IndusInd slip up to 7%

The first fortnight of April 2021 has been weak in terms of business (already down 20 per cent) due to lower working days and onset of an aggressive second wave of Covid-19 infections

Financial stocks were under pressure at the bourses, falling up to 7 per cent, in intra-day trade on the National Stock Exchange (NSE) on Monday on concerns over near-term growth momentum and asset quality improvement due to the pandemic-induced local lockdowns on continuously rising Covid-19 cases.

At 09:52 am, the financials related indices - Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank indices – were down in the range of 4 per cent to 6 per cent on the NSE. In comparison, the Nifty50 index was down 2.7 per cent at 14,228 points.

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