Stock market crash: Bank of Baroda, SBI to Canara Bank — these 9 PSU bank stocks hit 52-week low
- Stock market crash: Nine PSU bank stocks touched their 52-week lows. SBI shares fell by 1.24% to ₹679.65, while Bank of Baroda shares declined 2.3% to ₹197.70 on the BSE.
Public sector bank (PSU) stocks witnessed significant selling pressure on Monday, with nine stocks reaching their 52-week lows, including State Bank of India (SBI), Bank of Baroda, and Punjab National Bank (PNB).
The Nifty PSU Bank index declined by as much as 2.15%, with Punjab & Sind Bank, Indian Overseas Bank, Bank of Maharashtra, UCO Bank, and Central Bank of India emerging as the top laggards, each recording a 5% decline.
On March 3, a total of nine PSU bank stocks touched their 52-week lows. SBI shares fell by 1.24% to ₹679.65, while Bank of Baroda shares declined 2.3% to ₹197.70 on the BSE.
PNB shares hit a 52-week low of ₹85.51, while Canara Bank shares dropped to ₹78.58. Indian Overseas Bank stock plunged 5.6% to ₹41.10, and Bank of Maharashtra declined 5.2% to ₹43.97.
Additionally, shares of UCO Bank, Central Bank of India, and Punjab & Sind Bank also fell over 5%, marking their respective 52-week lows.
The fall in PSU bank stocks comes amid broader selling witnessed in the Indian stock market. The equity market extended losses on Monday, with both the benchmark indices Sensex and Nifty 50, falling over half a percent each.
Nifty PSU Bank Index Performance
The Nifty PSU Bank index has fallen 15% on a year-to-date (YTD) basis, and has dropped over 20% in six months. In the past one year, the PSU bank index has declined 22%, but the index has rallied by 40% in two years.
As against this, the benchmark Nifty 50 has fallen 6.8% YTD and 13% in six months. It has dropped by 1.6% in one year and has rallied over 25% in two years.
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