May 5, 2017 / 8:41 AM / 6 months ago

BUZZ-India's banking stocks retreat on profit-booking

** The Nifty PSU Bank index reverses gains to fall as much as 2.5 pct in afternoon trade

** India tweaks rules governing its banks to help tackle the record $150 billion in troubled debt accumulated that is choking new credit and hurting economic growth

** “This (banking stocks’ reaction) is purely a case of how much of the good news is already being factored in and now what we’re seeing is traders booking profit in the sector,” says Tirthankar Patnaik, India strategist at Mizuho Bank

** State Bank of India down 2 pct, Bank of Baroda and Bank of India decline more than 5 pct each, Punjab National Bank falls 3.2 pct

** ICICI Bank down 0.35 pct, while Axis Bank drops 2.6 pct

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