PSU Bank index hits over 10-yr low; Canara Bank tanks 38% thus far in 2020

Thus far in the calendar year, 2020 the Nifty PSU Bank index has tanked 27 per cent, as compared to an 8 per cent fall in the benchmark index.

Shares of public sector banks (PSBs) reeled under pressure with Nifty PSU Bank index hitting an over 10-year low on the National Stock Exchange (NSE) on Wednesday on growth concerns.

At 02:23 pm, Nifty PSU Bank index was down 2.2 per cent at 1,841 points, as compared to a 1.3 per cent decline in the Nifty50 index. The PSU bank index hit an intra-day low of 1,817, its lowest level since April 13, 2009.

Thus far in the calendar year, 2020 the Nifty PSU Bank index has tanked 27 per cent, as compared to an 8 per cent fall in