Banking stocks fell on Tuesday over concerns of net interest margins after after HDFC Bank had reduced its base rate by 35 basis points to 9.35%. The S&P BSE Bankex
was down by 2.83% or 554.97 points at 19103.78.
The Sensex was trading down 313.71 points or 1.19% at 25,969.38 with 25 components falling. Meanwhile, the Nifty was trading lower by 106 points or 1.33% at 7,865.30 with 46 components falling.
Oriental Bank of Commerce dropped the most with fall of 5% followed by Punjab National Bank (4.59%), IDBI Bank (4.13%), Bank of India (3.83%), Canara Bank (3.45%), Bank of Baroda (3.36%), Kotak Mahindra Bank (3.34%), UCO Bank (3.34%), Union Bank (3.19%), Dena Bank (3.17%), Yes Bank (3.02%), Axis Bank (2.83%) and HDFC Bank (2.45%).