INSUBCONTINENT EXCLUSIVE:
Nifty PSU Bank, Private Bank and Financial Services indexes also fell between 3-5 per cent.Banking shares dropped on Monday as rising
coronavirus infections in the country stoked fears that loan defaults may rise as renewed lockdowns to curb the spread of infections would
hamper the economic activity
The gauge of 12 banking shares on the National Stock Exchange - Nifty Bank index - slumped as much as 4.91 per cent or 1,572 points to hit
an intraday low of 30,405.65.Hit by the second Covid wave, India recorded 2,73,810 fresh infections and 1,619 deaths in a new record high in
the past 24 hours, taking the caseload to 1.5 crore; 1.78 lakh people have died so far
This is the fifth straight day that over 2 lakh cases were reported.Rising coronavirus infections and lockdowns in parts of the country have
stoked fears of rising bad loans in the coming days which has led to selling pressure in banking and financial services shares, analysts
said.All the 12 banking shares in the Nifty bank index were trading lower led by the RBL Bank's 7 per cent fall
Federal Bank, Axis Bank, IDFC First Bank, Bandhan Bank, Punjab National Bank, Axis Bank, IndusInd Bank, Kotak Mahindra Bank and State Bank
of India also fell between 4-6 per cent.Nifty PSU Bank, Private Bank and Financial Services indexes also fell between 3-5 per cent.
