Bank stocks continue to fall amid concerns over PNB fraud, many hit 52-week lows

Almost all public sector lenders saw prices of their stocks tumble on the bourses after the alleged Rs 11,400 crore Punjab National Bank fraud came to light.

Bank stocks continued to face selling pressure on Monday, with many hitting their 52-week lows amid concerns over the alleged Rs 11,400 crore PNB fraud case involving billionaire diamantaire Nirav Modi. Shares of UCO Bank plunged 11.26%, those of Union Bank of India - 10.94%, Allahabad Bank - 10.77%, Bank of Baroda - 9.28%, Syndicate Bank - 8.96% and Bank of Maharashtra - 7.33% on the Bombay Stock Exchange. Among others, State Bank of India lost 5.57%, Corporation Bank 3.32% and Axis Bank 1.71%.

The Nifty PSU bank index was trading lower by 7.18% at 3035.70 on Monday afternoon. (REUTERS)

The Nifty PSU bank index was trading lower by 7.18% at 3035.70 on Monday afternoon.

Almost all public sector lenders saw prices of their stocks tumble last week after the alleged Punjab National Bank fraud came to light.