Stocks in the NSE Nifty Bank index eroded almost Rs 3.37 lakh crore in investors' wealth on Tuesday. The index fell 7.95%, the worst since May 4, 2020, as market participants reacted nervously to the Lok Sabha election result trends.
Markets balked at the prospect of Bharatiya Janata Party missing the 272-mark, driving a broad-based decline that engulfed most sectors. Nifty Bank index maintained a downward trajectory throughout the day after opening at 50,667.05. The gauge closed 7.95%, or 4,051.35 points, down at 46,928.60, slightly above the intraday low of 46,077.85.
By the end of the day, the market capitalisation of NSE Nifty Bank companies' declined almost Rs 3.36 lakh crore to Rs 37.91 lakh crore.
Bank of Baroda and Punjab National Bank dragged the NSE Nifty Bank index. Shares of Bank of Baroda declined 15.74%, while those of Punjab National Bank fell 15.15%.
State Bank of India, Bandhan Bank Ltd., IndusInd Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., IDFC First Bank Ltd., Federal Bank Ltd., and HDFC Bank Ltd. were among the bank stocks that fell the least.
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