Nifty PSU bank index at the bottom of four years

Ahmedabad. 18 February 2020, Tuesday

Nifty PSU bank index slipped to a four-year low on bank stocks today amid reports of other adverse reports, including fears of transfer of credit to telecom companies amid credit growth concerns amid the economic downturn.

The challenges facing the banking sector remain behind other concerns, including credit growth, which has impeded economic growth in the wake of local - global adverse factors. On the contrary, there has been an increase in the odds of banks being ordered to pay the outstanding payments to AGR over a single month to telecom companies.

Following the directive, the fear of converting credit to telecom companies into NPAs was exacerbated when telecom companies were subjected to unorthodox financing. These reports had an adverse impact on bank stocks today.

The telecom sector is not only financed by public sector banks. Also financed by the private sector Indoor Bank, Yes Bank, ICICI Bank, Axis Bank. Private bank stocks were also broken behind these reports. Following the above reports, even today, there was a sharp fall in the pressure on selling of stocks of public sector banks. As a result, the Nifty PSU Index dropped to near the bottom of its four-year low. Today, the index was broken down by Indra at the bottom of the 5.7. Which is the lowest level since March 7.

Shares of Bank of Baroda, Punjab National Bank, Union Bank, Oriental Bank, Syndicate Bank, Allahabad Bank fell below the five-year low today. While Andhra Bank, Indian Bank and Canara Bank Bowen hit a week low.