Wednesday 14 March 2018

Nifty Psu Bank Index Down 1 After Rbi Discontinues

Posted by suhani varma on Wednesday, March 14, 2018 with No comments



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The Nifty PSU Bank Index dropped after the RBI directed banks to discontinue issuing letters of undertaking and letters of comfort for trade credits for imports.

Further, RBI said that banks might continue issuing letters of credit and bank guarantees for trade credits for imports, albeit with riders.

The Nifty PSU Bank index was trading 0.74% lower at 2,889.35.

PNB stock declined 4% after the bank has clarified that the amount of Rs942cr were the regular limits sanctioned to Geetanjali group under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent LoUs/ LoCs. Punjab National Bank is currently trading at Rs95.30, down by Rs2.7 or 2.76% from its previous closing of Rs98 on the BSE.

Bank of India is currently trading at Rs99.30, down by Rs2.9 or 2.84% from its previous closing of Rs102.20 on the BSE. The scrip opened at Rs101.50 and has touched a high and low of Rs101.50 and Rs98, respectively.

Canara Bank is currently trading at Rs247.10 down by Rs5.05 or 2% from its previous closing of Rs252.15 on the BSE. The scrip opened at Rs247.10 and has touched a high and low of Rs250 and Rs241.20, respectively.

State Bank of India is currently trading at Rs251.50 down by Rs3.4 or 1.33% from its previous closing of Rs254.90 on the BSE. The scrip opened at Rs252.05 and has touched a high and low of Rs252.90 and Rs250, respectively.

Oriental Bank of Commerce is currently trading at Rs95.15 down by Rs0.25 or 0.26% from its previous closing of Rs95.40 on the BSE. The scrip opened at Rs93.35 and has touched a high and low of Rs96.30 and Rs92.40, respectively.

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