PSBs extend fall; Bank of Baroda, PNB and Oriental Bank hit 5-year low

In the past two trading days, Nifty PSU Bank index slipped nearly 5 per cent, against 1 per cent decline in the Nifty 50 index

Shares of public sector banks (PSBs) continued to reel under pressure and were trading lower for the second straight day with five banks hitting five-year low on Monday as analysts believe the country’s state-owned banking industry is not out of the woods yet.

Bank of Baroda (BoB), Punjab National Bank (PNB), Oriental Bank of Commerce, Allahabad Bank and Union Bank of India (UBI) has hit their respective five-year lows on the National Stock Exchange (NSE) in the intra-day trade. Indian Bank and Jammu & Kashmir Bank from the Nifty PSU Bank index also hit their fresh 52-week lows.