Bank stocks plunge as RBI keeps key rates unchanged | india | Hindustan Times
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Bank stocks plunge as RBI keeps key rates unchanged

india Updated: Jul 28, 2009 11:54 IST

PTI
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Ahead of the quarterly monetary policy review of RBI, banking stocks today tanked on the Bombay Stock Exchange (BSE) led by ICICI Bank which fell 3 per cent, as the key policy rates remained unchanged.

Shares of the largest private sector lender ICICI Bank dropped 2.76 per cent to a low of Rs 763.

Banking stocks were the hardest hit in morning trade today and the 18-share index fell 1.63 per cent 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 per cent over previous closing.

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

Other major losers on the index include Axis Bank (down 1.81 per cent), Bank of India (down 1.97 per cent), Canara Bank (down 0.93 per cent), IOB (down .083 per cent), Karnataka Bank (down 1.41 per cent), Kotak Bank (down 0.03 per cent), Oriental Bank (down 0.33 per cent).

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 per cent), Indusind Bank (up 0.33 per cent), Union Bank (up 0.45 per cent), Allahabad Bank (up 0.17 per cent), Bank of Baroda (up 0.06 per cent), Federal Bank (up 1.34 per cent) and Yes Bank (up 0.12 per cent).