India state-owned banks tumble after Adani Group chair charged with bribery in US

Bank of Baroda

21/11/2024 05:37

** India's Nifty PSU Bank index  .NIFTYPSU  slips 4% - its
lowest in a month; down as much as 5% earlier in the session,
lowest level since Jan. 31  
    ** Drop after Gautam Adani, chairman of India's Adani Group,
and others were indicted in New York over role in alleged $265
mln bribery scheme, U.S. prosecutors said
    ** Public sector banks are falling as many of them have
exposure to Adani Group, says Saurabh Jain, assistant vice
president of retail equities research at SMC Global Securities
    ** If something materially negative comes out these latest
allegations, then the drop could intensify further - Jain says
    ** All 12 constituents of PSU Bank index trading lower
    ** Bank of Baroda  BOB.NS , Punjab National Bank  PNBK.NS 
and State Bank of India  SBI.NS  among biggest losers on index,
down 4.5%-5.5% 
    ** Benchmark Nifty 50 Index .NSEI  down 0.8%

 (Reporting by Nishit Navin in Bengaluru)
 ((nishit.navin@thomsonreuters.com;))