Indian Bank leads losses among state-run lenders as index drops 5% from recent highs

Shares of India's state run lenders, led by Canara Bank and Punjab National Bank, declined up to 4% on Monday, December 8.

The Nifty PSU Bank index, which touched a recent high of 8,665.70 on November 26, is now down about 5.5% from those levels. Indian Bank is leading the decline, with the stock falling nearly 5% from its recent highs.

Indian Bank shares are currently down 3%, extending losses for a second straight session. The stock was also seen as a potential entrant into the Nifty Bank index, a move that did not materialise.

All constituents of the PSU Bank index are trading lower today.

Meanwhile, shares of Canara Bank, PNB, Bank of India, Union Bank, Bank of Maharashtra and others are down between 1.5% and 3.5%.

Nifty PSU Bank index performance (Nov 25 to Dec 8)

Bank Return