Shares of public sector banks (PSUs) are witnessing a significant sell-off in today’s trading session. Concerns over their rising exposure to the Adani Group, coupled with the latest bribery and fraud allegations against Gautam Adani and executives of the conglomerate, have triggered a negative sentiment in the market.
PSU Bank Performance Today
Here’s how major PSU bank stocks are performing as of the latest session:
| Scrip | BSE Price (₹) | % Change | NSE Price (₹) | % Change |
|---|---|---|---|---|
| Bank of Baroda | 220.15 | -7.19% | 221.55 | -6.60% |
| Bank of India | 100.85 | -3.54% | 101.49 | -2.95% |
| Bank of Maharashtra | 50.50 | -3.59% | 50.88 | -2.96% |
| Canara Bank | 92.60 | -5.27% | 93.02 | -4.90% |
| Central Bank | 51.00 | -3.04% | 51.30 | -2.56% |
| Punjab National Bank | 94.92 | -5.94% | 95.51 | -5.30% |
| SBI | 762.35 | -4.94% | 765.20 | -4.71% |
Key Highlights:
- Rising Exposure to Adani Group: Domestic banks and non-banking financial companies (NBFCs) now account for 36% of the Adani Group’s total debt, a sharp rise from previous levels. The group’s debt levels increased due to capital expenditure across its businesses.
- Fraud and Bribery Allegations: Gautam Adani and key executives of Adani Green Energy are facing a five-count indictment in the U.S. on charges of bribery, securities fraud, and conspiracy. Reports suggest bribes worth $250 million were paid to secure solar energy contracts.
- Market Impact: This controversy has led to widespread apprehension among investors about the group’s financial health and its lenders’ exposure, triggering a sell-off in PSU bank stocks.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
