NEW DELHI: Most PSU bank stocks were in the negative territory in morning trade on Wednesday.
The Nifty PSU Bank index was trading 3.04 per cent down at 2,710 around 10:30 am, with Punjab National Bank (down 11.98 per cent) as the top loser.Shares of Punjab National Bank cracked after it posted on Tuesday its highest-ever quarterly loss at Rs 13,416.91 crore in the January-March quarter as it took a massive hit from the Rs 14,000-crore Nirav Modi scam.Syndicate Bank (down 6.67 per cent) and Allahabad Bank (down 4.83 per cent) were next among losers.Shares of Allahabad Bank declined due to unpalatable news about its chief executive officer.The board of Allahabad Bank has taken away all executive powers of the bank's chief executive officer Usha Ananthasubramanian, as directed by the government on Monday after the Central Bureau of Investigation named her in the Rs 13,700-crore Punjab National Bank-Nirav Modi fraud.
Shares of Bank of Baroda, Oriental Bank of Commerce and Bank of India declined over 3 per cent.Shares of Andhra Bank, Union Bank of India, State Bank of India, IDBI Bank, Indian Bank and Canara Bank slipped up to 2 per cent.Benchmark NSE Nifty50 index was down 77 points at 10,724, while the BSE Sensex was 218 points down at 35,326.Among the 50 stocks in the Nifty index, 13 were trading in the green, while 37 were in the red.