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NEW DELHI: Most of the PSU bank stocks were trading in the negative territory after reports emerged that the finance ministry is soon expected to take stock from state-run lenders on fraud in cases of bad loans and the measures taken to prevent them.
A meeting will be soon convened to check progress of the public-sector banks on implementing measures such as setting up of stressed asset verticals and coordination on large value loans.
The Nifty PSU Bank index was trading 2.02 per cent down at 3,003 around 10:25 am (IST).
Shares of Punjab National Bank (down 3.14 per cent) plunged the most in the PSU bank index, followed by IDBI Bank (down 2.83 per cent), Bank of India (down 2.81 per cent), Syndicate Bank (down 2.56 per cent) and Canara Bank (down 2.18 per cent).
Shares of Union Bank of India (down 1.94 per cent), Allahabad Bank (down 1.92 per cent), State Bank of India (down 1.88 per cent), Oriental Bank of Commerce (down 1.87 per cent), Indian Bank (down 1.79 per cent), Andhra Bank (down 1.78 per cent) and Bank of Baroda (down 1.44 per cent) declined up to 2 per cent.
Selling in bank, financial, oil, FMCG and auto stocks dragged the benchmark indices a little lower.
The NSE Nifty50 index was down 28 points at 10,374, while the BSE Sensex was 37 points down at 33,843.
Among the 50 stocks in the Nifty index, 18 were trading in the green, while 32 were in the red.
HPCL, IOC, BPCL, GAIL and State Bank of India were among the top losers in the Nifty pack of stocks.
