PSBs slide up to 8% after investors take profit

Public sector bank stocks, led by

PNB, today fell by up to 8 per cent due to profit-booking in a

volatile broader market.

Punjab National Bank plunged as much as 7.95 per cent,

Allahabad Bank 7.76 per cent and Bank of India 6.80 per cent

on the BSE.

Among others, Bank of Baroda tanked 5.96 per cent, Union

Bank of India 5.85 per cent, Syndicate Bank 5.39 per cent, UCO

Bank 5.38 per cent and SBI 3.03 per cent.

The BSE bank index also fell by 0.82 per cent to end at

28,096.49.

"Domestic indices remained volatile within a narrow range

as a mixed bag of corporate numbers and profit-booking in PSBs

crippled the market's momentum," said Anand James, Chief

Market Strategist, Geojit Financial Services Ltd.

Bank stocks were on fire on Wednesday, surging up to 46

per cent following the government's announcement of Rs 2.11

lakh crore recapitalisation plan to strengthen NPA-hit public

sector lenders.

Yesterday, the bank stocks ended on a mixed note.

The BSE 30-share Sensex ended 10.09 points higher at

33,157.22 today.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)