Financials tank as fiscal package disappoints markets; Nifty Bank slips 5

published 18.05.2020 12:22

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Among individual stocks, M&M Financial Services tumbled 12 per cent to Rs 149 on the NSE, after reporting 66 per cent year on year (yoy) fall in consolidated net profit at Rs 239 crore for the March quarter of 2019-20 (Q4FY20) due to higher provisions.

Non-index stocks like IndusInd Bank, Bandhan Bank, L&T Finance Holdings, GIC Housing Finance, Ujjivan Financial Services and LIC Housing Finance slipped more than 6 per cent each.

Mahindra & Mahindra (M&M) Financial Services, Cholamandalam Investment and Finance Company, Indiabulls Housing Finance, ICICI Bank, Bajaj Finance, Shriram Transport Finance Company, Axis Bank and SBI Life Insurance from the Nifty Financial Services index were all down over 5 per cent on the NSE.

At 09:56 am, Nifty Bank, Nifty Private Bank and Nifty PSU Bank indices were down 5 per cent each, while Nifty Financial Services index slipped 4.3 per cent, as compared to 2.4 per cent decline in the Nifty50 index.