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INDIANB - Indian Bank News Story

₹112.9 -1.0  -0.8%

Last Trade - 07/05/21

Mid Cap
Market Cap £1.25bn
Enterprise Value £2.74bn
Revenue £1.95bn
Position in Universe 249th / 3107

BUZZ-India's public sector lenders drop after govt plans state-run bank mergers

Tue 3rd September, 2019 5:48am
** Shares of Punjab National Bank  PNBK.NS , Indian Bank
 INBA.NS , Oriental Bank of Commerce Ltd  ORBC.NS  and Canara
Bank Ltd  CNBK.NS  fall between 5% and 7.3% 
    ** India announced a series of mergers involving 10
state-owned banks on Friday, as it moves to strengthen a sector
struggling under a mountain of debt and ensure stronger balance
sheets to boost lending and revive economic growth*:nL3N25Q4AF
    ** NIFTY PSU Bank Index  .NIFTYPSU  falls as much as 3.3%
    ** Finance minister Nirmala Sitharaman said Oriental Bank of
Commerce and United Bank Of India  UBOI.NS  would be merged with
Punjab National Bank  PNBK.NS  to create India's second-largest
lender after State Bank of India  SBI.NS 
    ** PNB falls as much as 6.3% to 60.8 rupees, their lowest
since Oct 1, 2018
    ** Oriental Bank falls as much as 7.4% to 68.15 rupees,
marks its biggest daily pct loss since Nov 12, 2018
    ** Sitharaman said the 10 lenders would be granted funds in
the govt's latest cash infusion; PNB to be biggest beneficiary,
receiving 160 bln rupees ($2.24 bln)

    ($1 = 71.4920 Indian rupees)

 (Reporting by Harish Bhaskar in Bengaluru)
 ((; +91 9886782831; Reuters
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