CNX PSU Bank index hits five-month low

Shares of public sector undertaking (PSU) banks were trading lower for the fifth straight trading session on the National Stock Exchange (NSE) with the CNX PSU Bank index hitting five-month low today.

At 1449 hours, CNX PSU Bank index, the largest loser among sectoral indices, was down 1.6% at 3,444 points compared with 0.15% fall in the CNX Nifty and a marginal 0.10% rise in Bank Nifty.

The PSU banking share index hit a low of 3,438, its lowest level since October 2014, during intra-day trade. In past five trading sessions, CNX PSU Bank index dipped 7.5% against 1.64% declined in CNX Nifty and 4.3% fall in Bank Nifty.

Punjab National Bank has slipped 4% to Rs 156 on the NSE. The state-owned bank said that it has raised Rs 1, 800 crore long term bonds for Infrastructure (Project) Finance and Affordable Housing in the nature of debentures at an annual coupon of 8.35% on private placement basis on March 24, 2015 and same will mature on March 24, 2025.

Among the other individual stocks, State Bank India and Oriental Bank of Commerce were dipped 2% each at Rs 265 and Rs 214 respectively, while Bank of Baroda, Bank of India, Syndicate Bank and Canara Bank down 1% each.

Punjab National Bank

State Bank of India