NEW DELHI: Heavy losses in Punjab National Bank (down 11.93 per cent), Bank of Baroda (down 5.55 per cent) and ICICI Bank (down 3.67 per cent) kept Nifty Bank index in the negative zone on Wednesday.The Nifty Bank index closed the day 1.10 per cent down at 26,182.Shares of Punjab National Bank plunged after it reported a huge loss for the March quarter.
The bank 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.Shares of Federal Bank (down 3.24 per cent), State Bank of India (down 2.06 per cent), HDFC Bank (down 0.51 per cent) and Axis Bank (down 0.13 per cent) also closed the day with losses.However, shares of IDFC Bank (up 1.34 per cent), YES Bank (up 1.10 per cent), IndusInd Bank (up 0.45 per cent), RBL Bank (up 0.18 per cent) and Kotak Mahindra Bank (up 0.09 per cent) remained up.
The Nifty50 finished day's trade 61 points, or 0.56 per cent, down at 10,741, with 17 stocks advancing and 33 declining.Hindustan Unilever, Lupin, ITC, Bajaj Finance, Wipro, Asian Paints and YES Bank remained the top gainers in the Nifty index on Wednesday.On the other hand, ICICI Bank, Cipla, UltraTech Cement, Reliance Industries, GAIL (India), BPCL, State Bank of India and Hindalco Industries remained the top Nifty losers.