The NSE Bank Nifty Index extended declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners.
January 27, 2023 / 03:04 PM IST
The Life Insurance Corp. of India headquarters in Mumbai. Photographer: Dhiraj Singh/Bloomberg
Shares of Indian banks and Life Insurance Corp. of India plunged on Friday amid concerns about their exposure to the Adani Group following a scathing short-seller report.
The NSE Bank Nifty Index extended declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners.
“Negative sentiment is prevailing in the market, which is weighing on bank stocks,” said Kranthi Bathini, chief market strategist at WealthMills Securities Pvt. “Some of it is due to worries about Adani collateral,” although there’s also a bout of profit-taking after the rally in recent months, he added.
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