Bank shares fall on budget disappointment
Reuters Market Eye - Shares in public sector banks fall on concerns about liquidity in the banking system after the government set its target for gross market borrowing at 6.29 trillion rupees in 2013/14, above estimates of less than 6 trillion rupees.
The government also announced a capital infusion of 140 billion rupees for public sector banks, below market estimates for 200 billion rupees, dealers said.
State Bank of India fell 6 percent, Punjab National Bank (PNBK.NS) fell 5.5 percent and Bank of India (BOI.NS) falls 5.7 percent.
Private sector lenders also fall, with ICICI Bank (ICBK.NS) losing almost 4 percent, after Finance Minister P. Chidambaram proposed to extend a scheme that provides farmers with low cost loans to private banks.
Axis Bank (AXBK.NS) fell 4 percent while Yes Bank (YESB.NS) lost 3.8 percent.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed
- UPDATE 3-U.S. FDA probes cognitive impact of new cholesterol drugs
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- Fresh confrontations raise tempers on ground in Crimea
- Malaysian plane with 239 aboard crashes - report
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew went missing over the South China Sea on Saturday, presumed crashed, as ships and planes from countries closest to its flight path scoured a large search area for any wreckage. Full Article