PSB merger plan: OBC, Indian Bank, PNB dip up to 13%; United Bank gains 15%

On Friday, Finance Minister Nirmala Sitharaman unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders

Shares of public sector banks, including Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), Canara Bank, Indian Bank, and Union Bank of India, tanked up to 13 per cent on the BSE on Tuesday after the government on Friday announced mega-merger plan for PSBs in post-market hours on Friday.

Among individual stocks, Indian Bank and Canara Bank were the worst-hit, plummeting 13 per cent and 12 per cent, respectively in the intra-day, respecitvely, eventually closing 12 and 11 per cent lower. While, shares of Allahabad Bank, Union Bank of India,  PNB, and OBC were down in the range of