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Private bank stocks slide after Q1 results drive Nifty decline

HDFC Bank and Axis Bank fell about 5% each, while the Nifty Private Bank index was down around 2.7% in early trade.

Reported · Written up by our desk · Equities

LiveMint reports that private banking stocks dropped in early trade after lenders announced their Q1 results, pulling down the Nifty Private Bank index, which was down around 2.7%.

HDFC Bank and Axis Bank were the top decliners, each falling more than 5%, while Kotak Mahindra Bank and Yes Bank declined by more than 3% each.

Overall, the index was reported to be down about 2.72%, reflecting broad weakness across the private banking segment shortly after the earnings releases.

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