Sensex loses almost 150 points as bank stocks led by PNB falter
NEW DELHI: The equity markets traded choppy on Wednesday as benchmark indices erased early gains and finished with losses of about half a per cent.
The volatility in the markets was on the back of state-run bank stocks performing poorly. The PNB stock tanked 10 per cent after the country’s second largest lender said that it detected a Rs 11,500 crore fraud in one of its Mumbai branches. The overall Nifty PSU bank sub-index lost almost 5 per cent during the day.
Pharma and private bank stocks also bled considerably.
Tech Mahindra, IndiaBulls Housing and Coal India gained the most while almost all bank stocks slipped.