PSU Bank stocks lost up to 5% in last week

Banking stocks were in action in the last week after Reserve Bank of India (RBI) announced a plan to resolve troubled assets of 12 large borrowers and had also asked banks to resolve 55 high-value cases of bad loans within six months.

RBI had identified 12 bad accounts for immediate insolvency. According to a leading business daily, the 12 bad accounts include Essar Steel, Bhushan Steel, Bhushan Power, Alok Industries, Electrosteel Steels, JP Infra, Lanco Infratech, Monnet Ispat, Jyoti Structures, ABG Shipyard, Amtek Auto and Era Infra. RBI has sent names of these accounts to the bankers so that they must get resolved immediately through the Insolvency and Bankruptcy Code, 2016 (IBC).

Following are the Nifty PSU Bank stocks that lost value in past week, from June 19 to 23, 2017:
Bank   Name Returns   (%)
Andhra Bank -5.84
Canara Bank -4.56
Bank of Baroda -4.28
Oriental Bank of Commerce -4.07
Union Bank of India -3.52
Bank of India -3.28
Syndicate Bank -3.10
Punjab National Bank -2.28
Allahabad Bank -1.62
IDBI Bank Ltd. -1.49


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