Public sector bank shares: The report of Hindenburg Research over Adani Group has not only severely impacted stocks of Adani group’s companies, but it has had a terrible impact on the stocks of Indian public sector banks also.
Shares of State Bank of India, Punjab National Bank, UCO Bank, and Union Bank of India have declined up to 19 percent in the last 30 days. Now, Let’s have a look at the losses suffered by top public sector banks in the last month.
State Bank Of India
SBI had been in top news just after the Hindenburg report was published. Opposition parties including Congress and TMC questioned the high exposure of the ‘State Bank of India’ to the Adani Group. The Reserve Bank of India had also sought a report on exposure to the Adani Group. These subsequent developments have had an unfavourable impact on the stock of SBI.
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In the last 30 days, SBI shares have seen a decline of 8.19 percent. Shares of SBI were at a level of Rs 554.30 on 27th January 2023, Today on 26th February 2023, shares are at a level of Rs 521.05.
UCO Bank
Shares of UCO Bank have seen a sharp decline of 18.20 percent in the last 30 days.
Current Price (on 26 February) – Rs 25
Price of 27 January – 29.90
Loss in percentage – 18.20
Punjab National Bank
As the news was coming in that PNB had lent a huge amount of money to Adani Group, That has had a bad impact on Punjab National Bank’s shares. In the last month Shares of Punjab National Bank’s shares declined by 11.63 percent.
Current Price (on 26 February) – Rs 47.55
Price of 27 January – Rs 52.95
Loss in percentage – 11.63
Union Bank Of India
Shares of this public sector bank have also been on a declining path since the Hindenburg report came out. In the last month, it has seen a huge fall of 14.12 percent.
Current Price (on 26 February) – Rs 66.85
Price of 27 January – Rs 76.20
Loss in percentage – 14.12
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