Following the recent Punjab National Bank scam, shares of public sector banks (PSBs) have taken a hit, with shares of 11 PSBs at their 52-233k lows.
The 11 banks include Allahabad Bank, Corporation Bank, Punjab National Bank, Dena Bank, Syndicate Bank, Oriental Bank of Commerce, Union Bank of India, Bank of Maharashtra, Punjab & Sind Bank, UCO Bank, and United Bank of India.
As of 10:23 a.m. today, the total market cap of the PSBs fell to Rs.4,335 billion, down from Rs.4,792 billion, a loss of Rs.457 billion.
While Punjab National Bank saw the biggest drop in market value at 25 per cent, Allahabad Bank registered a 14 per cent drop, followed by Syndicate Bank at 12 per cent.
|Bank||Drop in market value|
|Punjab National Bank||25 %|
|Allahabad Bank||14 %|
|Syndicate Bank||12 %|
|Bank of Baroda||12 %|
|Bank of India||12 %|
|Union Bank of India||12 %|
The Punjab national Bank scam involves other banks as well, with Allahabad Bank having exposure worth around Rs.2,000 crore, SBI having exposure around Rs.1,360 crore and UCO Bank having an exposure of Rs.2,636 crore.
All information, including but not limited to news articles, published on this website are strictly for general information purpose only. BankBazaarnews.com does not provide any warranty about the authenticity and accuracy of such information. BankBazaarnews.com will not be held responsible for any loss and/or damage that may arise or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for any product may vary from the information mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Copyright reserved © 2018 A & A Dukaan Financial Services Private Ltd. All rights reserved.