Banking Stocks Decline-Get Free Equity Tips on mobile

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,045 shares gained and 615 shares fell. A total of 102 shares were unchanged. 

Bank stocks dropped

State Bank of India declined 1.1% to Rs 1,697.30. The state-run bank on 2 January 2014 said that the Executive Committee of the Central Board of the bank at its meeting held on 2 January 2014 has accorded its approval for the issuance and allotment of 1.12 crore equity shares at an issue price of Rs 1,782.74 per share to the Government of India (GoI) on preferential basis. The committee also approved the allotment of Basel III compliant Tier 2 bonds of Rs 2000 crore, issued for 120 months (10 year bullet), at an annually payable coupon of 9.69%, by way of private placement. 

Canara Bank fell 0.67%. The state-run bank after market hours on Friday, 3 January 2014, said that it has successfully raised Rs 1500 crore under BASEL-III complaint Tier-II Bonds. 

Among other PSU bank stocks

Stock Market

• Bank of Baroda (down 0.76%)
• Punjab National Bank (down 1.14%)
• Bank of India (down 1.6%
• Union Bank of India (down 1.28%)

Among private bank stocks

• AXIS Bank (down 0.78%)
• HDFC Bank (down 0.76%)
• ICICI Bank (down 1.48%)
• Kotak Mahindra Bank (down 0.63%)
• Yes Bank (down 1.54%) declined.

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