Bank stocks take a beating in market rout

Bank stocks take a beating in market rout

The 30-share Sensex tumbled 3,934.72 points or 13.15% to close at 25,981.24, the worst ever decline in one day.

AgenciesUpdated: Tuesday, March 24, 2020, 07:59 AM IST
article-image
Stock market |

NEW DELHI: Bank shares were hit hard in Monday's trade, plunging up to 28%, as the equity market suffered its worst ever singleday fall. Investors fretted over the impact of the lockdown in different parts of the country amid rising number of coronavirus cases and their fallout on the country's economic activities.

The 30-share Sensex tumbled 3,934.72 points or 13.15% to close at 25,981.24, the worst ever decline in one day.

In the first hour of trade on Monday, the benchmark indices cracked over 10%, triggering a 45-minute trading freeze. From the bank index, Axis Bank was hit hard the most, tanking 28%.

Likewise, Federal Bank plummeted 24.03%, IndusInd Bank (23.50%), City Union Bank (19.99%), ICICI Bank (17.88%) and RBL Bank (17.67%). SBI shed 13.38% while HDFC Bank and Kotak Mahindra Bank dropped 12.68% and 11.66%, respectively.

Tracking losses in these companies, BSE Bank dropped 16.81%. Another index which received severe drubbing was BSE Finance-- crashed 16.06%. From the finance index, Mahindra & Mahindra Financial Services cracked 28.91% and Max Financial Services declined 26.48%.

Bajaj Finserv settled 26.44% down while Equitas Holdings fell 25.29%, Bandhan Bank (24.68%) and Shriram Transport Finance Company (18.90%).

"Post a sharp rally last Friday, Indian equity markets again witnessed bloodbath today, hitting a lower circuit in the first hour of the trade. The downtrend continued even after the trading was resumed. Increase in domestic shutdowns to contain the virus also weighed on the sentiment.

RECENT STORIES

ChatGPT Is Down! Users Report 'Unusual Activity Detected' Error Amid Global Outage; OpenAI Issues...

ChatGPT Is Down! Users Report 'Unusual Activity Detected' Error Amid Global Outage; OpenAI Issues...

Amazon India, Flipkart Must Remove Products Infringing Reliance, Jio Trademarks: Delhi High Court

Amazon India, Flipkart Must Remove Products Infringing Reliance, Jio Trademarks: Delhi High Court

India, EU To Hold Next Round Of Free Trade Agreement Talks In September

India, EU To Hold Next Round Of Free Trade Agreement Talks In September

ICICI Prudential Life Q1 FY26 Profit Falls 21.8% QoQ, Premium Income Drops 48%

ICICI Prudential Life Q1 FY26 Profit Falls 21.8% QoQ, Premium Income Drops 48%

Gold Dips By ₹200 To ₹99,370 Per 10g, Silver Drops Sharply By ₹3,000 To Rs 1.12 Lakh/Kg

Gold Dips By ₹200 To ₹99,370 Per 10g, Silver Drops Sharply By ₹3,000 To Rs 1.12 Lakh/Kg