ICICI bank: Market Now: Bank stocks plunge; Axis Bank, ICICI Bank top drags

NEW DELHI: Most of the bank stocks, including Axis Bank (down 7.03 per cent), ICICI Bank (down 3.63 per cent), YES Bank (down 2.38 per cent) and State Bank of India (down 1.97 per cent) were trading in the red in Wednesday’s trade.

IDFC Bank (down 1.83 per cent), Canara Bank (down 0.71 per cent), Bank of Baroda (down 0.61 per cent) and Punjab National Bank (down 0.52 per cent) were also losing in trade.

The Nifty Bank index was trading 1.22 per cent down at 24,344 around 10:45 am (IST). Benchmark Nifty50 was 0.39 per cent down at 10,195, while Sensex was 0.37 per cent down at 32,489 around the same time.

However, some bank stocks such as Kotak Mahindra Bank (up 1.57 per cent), Federal Bank (up 0.75 per cent), IndusInd Bank (up 0.38 per cent) and HDFC Bank (up 0.08 per cent) were trading up in trade.

Axis Bank, ICICI Bank, Bharti Infratel, Zee Entertainment, Cipla, Tech Mahindra, YES Bank and State Bank of India emerged as the top losers in the Nifty50 index.

Dena Bank, Dynamatic Technologies, JMT Auto, Khaitan Electricals, Shriram EPC, TCPL Packaging, TV Vision and United Bank of India were among the 21 stocks that hit fresh 52-week lows on NSE.

On the NSE, 740 stocks were advancing, compared with 830 stocks declining and 400 stocks remaining unchanged.