PSU Banks pare gains as FinMin works on recapitalization parameters
DSIJ Intelligence / 27 Oct 2017
Nifty PSU Bank which mirrors the state-owned bank dipped more than 2% during early hours of trade on Friday.
Public sector banks were trading in the red on Friday as market digests the details of government's recapitalization plan. Nifty PSU Bank which mirrors the state-owned bank dipped more than 2% during early hours of trade on Friday.
The stock of Canara Bank was trading at Rs. 418.20 per share, down by 1.39%, SBI was at Rs. 316 per share, down by 1.40%, Bank of Baroda was at Rs. 182.30, down by 1.83%, Andhra Bank was at Rs. 68.10 per share, down 2.51%. This week's stellar performer, PNB was trading at Rs. 203.30 per share, down by 4.82%, while IDBI was at Rs. 64.00, down by 5.81%. All 12 stocks tracked by Nifty PSU Bank were trading the red.
Finance Ministry officials are working on the nitty-gritty of the Rs. 2.11 lakh crore recapitalization scheme for public sector banks. Due to stress on governance issues, it is expected that banks with questionable management of finances will receive capital only enough to help them with NPAs. While strong and well management banks will receive capital infusion which can be channelized for loan growth.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.