PSBs recover from day's low as reports say govt may announce merger plan

Shares of public sector banks (PSBs) were trading mixed on the National Stock Exchange (NSE) on Friday afternoon, after reports said the government is set to make an announcement anytime soon regarding mega plan for state-owned bank’s merger.

Oriental Bank of Commerce, Central Bank of India, Syndicate Bank and Allahabad Bank were up in the range of 3 per cent to 6 per cent on the NSE.

On the other hand, State Bank of India (SBI), Union Bank of India, Bank of India, Indian Bank and Bank of Baroda were down between 1 and 2 per cent. However,