Mumbai, 03 Sep, 2019: Public sector bank stocks, led by Corporation Bank and Punjab National Bank, tumbled up to 9.3 per cent on Tuesday after the government announced the merger of 10 state-run lenders into four.
Shares of Corporation Bank tanked 9.28 per cent to Rs 17.10, Punjab National Bank plunged 8.54 per cent to Rs 59.40, Canara Bank dropped 7.54 per cent to its one-year low of Rs 203.90.
Oriental Bank of Commerce cracked 7.34 per cent to Rs 68.10, Union Bank of India 6.79 per cent to its 52-week low of Rs 54.90, Allahabad Bank declined by 2.83 per cent to Rs 34.30 and United Bank 0.28 per cent to Rs 10.39 on the BSE.
However, Andhra Bank rose 5.31 per cent to Rs 20.80 and Syndicate Bank gained 3.55 per cent to Rs 33.50. Equity markets were closed on Monday for 'Ganesh Chaturthi'.