PSU banks under pressure; Bank of India down 12% post Q4 results

Oriental Bank, SBI, Andhra Bank, Syndicate Bank, Union Bank and Allahabad Bank were down 3%-5%

Shares of public sector undertaking (PSU) banks were under pressure, falling by up to 12% on the National Stock Exchange (NSE) in intra-day trade on profit bookings.

Bank of India, Oriental Bank of Commerce, State Bank of India (SBI), Andhra Bank, Syndicate Bank, Union Bank of India and Allahabad Bank were down between 3% and 12% on the National Stock Exchange (NSE).

At 3:13 pm; the Nifty PSU Bank index, the largest loser among sectoral indices, was down 4.3%, as compared to 0.08% rise in the Nifty 50 and a 0.13% decline in the Nifty Private Bank index.