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Bank stocks plunge

Last Updated: Tuesday, July 28, 2009 - 11:58

Mumbai: Ahead of the quarterly monetary policy review of RBI, banking stocks on Tuesday tanked on the Bombay Stock Exchange (BSE) led by ICICI Bank which fell 3 percent, as the key policy rates remained unchanged.
Shares of the largest private sector lender ICICI Bank dropped 2.76 percent to a low of Rs 763.

Banking stocks were the hardest hit in morning trade today and the 18-share index fell 1.63 percent to a low of 8,193.07 points.

After a weak opening on the exchanges, shares of the State Bank of India fell to a low of Rs 1,680.10, down nearly 2 percent over previous closing.

HDFC Bank fell 2 percent to a low of Rs 1,406 and PNB dipped nearly 2 percent to Rs 714 on the BSE.

Other major losers on the index include Axis Bank (down 1.81 percent), Bank of India (down 1.97 percent), Canara Bank (down 0.93 percent), IOB (down 0.83 percent), Karnataka Bank (down 1.41 percent), Kotak Bank (down 0.03 percent), Oriental Bank (down 0.33 percent).

RBI in its quarterly monetary policy today did not tinker with the key rates.

Some of the scrips which defied the trend include, IDBI Bank (up 2.79 percent), Indusind Bank (up 0.33 percent), Union Bank (up 0.45 percent), Allahabad Bank (up 0.17 percent), Bank of Baroda (up 0.06 percent), Federal Bank (up 1.34 percent) and Yes Bank (up 0.12 percent).

Bureau Report

First Published: Tuesday, July 28, 2009 - 11:58

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