Nifty PSU Bank index hits lowest level since July 2006; SBI at 52-week low

The PSBs have a relatively higher share of exposure in the SME segment, and thus, asset quality should remain under pressure in the near term, according to Motilal Oswal Securities.

Shares of public sector undertaking (PSU) banks were under pressure with Nifty PSU Bank index hitting an over 13-year low on the National Stock Exchange (NSE) on Tuesday on concerns over asset quality.

At 02:57 pm, Nifty PSU Bank index, the top loser among sectoral indices, was down 3.1 per cent at 1,207 points, as compared to a 0.67 per cent decline in the Nifty 50 index. The PSU Bank index hit an intra-day low of 1,204, its lowest level since July 21, 2006 on closing level basis. The index slipped below its previous low of 1,218 touched on