PSBs under pressure; PNB, Syndicate, Allahabad Bank, OBC hit 52-week low

Nifty PSU Bank index, the largest loser among sectoral indices, was down 2% as compared to 0.44% decline in the Nifty 50 index at 09:26 am

Shares of public sector banks (PSBs) were under pressure, falling upto 12% in early morning trade of the National Stock Exchange (NSE) after most these banks reported weak set of numbers for the quarter ended March 2018 (Q4FY18).

Total nine PSBs- Allahabad Bank, Bank of Maharashtra, Corporation Bank, Dena Bank, Oriental Bank of Commerce, Punjab & Sindh Bank, Punjab Nation Bank (PNB), Syndicate Bank and United Bank of India - were hit their respective 52-week lows on the NSE in intra-day trade on Wednesday.

At 09:26 am; Nifty PSU Bank index, the largest loser among sectoral indices, was