Mumbai, Feb 14 (IANS) A massive sell off was triggered in bank stocks on Wednesday as new measures announced by the Reserve Bank of India (RBI) to deal with non-performing assets (NPAs) and a $1.8 billion fraud reported by the Punjab National Bank spooked investors. The PSU banks witnessed sell-off as RBI scrapped a number of loan-restructuring schemes which may lead to further jump in provisions impacting profitability of these banks, said Vinod Nair, Head of Research, Geojit Financial Services. PNB stocks fell 9.8 per cent as investors wondered about the impact of the fraud on the profits or book value of the bank even as they await data about the possibility and extent of recovery that is possible, Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.
RBI's NPA norms, PNB fraud pull down banking stocks. This article is published at 14 February 2018 07:52 from Yahoo India news, click on the read full article link below to see further details.