State-Run Banking Shares Slump After Mega Merger Announcement

Shares of state-run banks fell after the government on Friday announced mega mergers of government-owned banks. Finance Minister Nirmala Sitharaman on Friday said Punjab National Bank, Oriental Bank of Commerce and United Bank will merge to form the country's second largest public sector bank with a business of Rs. 17.95 lakh crore, "1.5 times the size of Punjab National Bank". Three more such mergers were announced as the Finance Mi...