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Shares of public sector banks suffer marginally after Crisil's downgrade

The state-run eight banks whose ratings have been downgraded are Bank of India, Central Bank of India, Corporation Bank, among others.

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Credit rating agency Crisil, on Thursday, downgraded eight public sector banks following deterioration in their asset quality. The agency also revised the 'outlook' on five of them to negative.

A steep rise in non-performing assets (NPAs), expected the further surge in stressed assets and the consequent hit on profitability and capital will dent credit profiles, Crisil said in its latest report. 

The state-run eight banks whose ratings have been downgraded are Bank of India, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Overseas Bank, Syndicate Bank and UCO Bank.

After the Crisil's report, the stocks of these eight banks have fallen on the stock exchanges in an early trade on Friday. 

At 1130 hours, the stock of Bank of India was trading down 0.53% or Rs 0.50 at Rs 93.25 on the BSE while the stock of the bank was trading down 0.48% or Rs 0.45 at Rs 93.25 on the NSE. 

At 1130 hours, the stock of Central Bank of India was trading down 1.40% or Rs 0.95 at Rs 66.95 on the BSE while the stock of the bank was trading down 1.54% or Rs 1.05 at Rs 67.05 on the NSE. 

At 1057 hours, the stock of Corporation Bank was trading down 0.87% or Rs 0.35 at Rs 40.00 on the BSE while the stock of the bank was trading down 0.75% or Rs 0.30 at Rs 39.90 on the NSE. 

At 1130 hours, the stock of Dena Bank was trading down 0.88% or Rs 0.25 at Rs 28.30 on the BSE. The stock of the bank was trading down 0.18% or Rs 0.05 at Rs 28.40 on the NSE. 

At 1103 hours, the stock of IDBI Bank was trading down 1.36% or Rs 0.90 at Rs 65.15 on the BSE while the stock of the bank was trading down 1.29% or Rs 0.85 at Rs 65.10 on the NSE. 

At 1107 hours, the stock of Indian Overseas Bank was trading down 0.19% or Rs 0.05 at Rs 26.75 on the BSE while the stock of the bank was trading down 1.29% or Rs 0.85 at Rs 65.10 on the NSE. 

At  1130 hours, the stock of Syndicate Bank was trading down 1.07% or Rs 0.65 at Rs 59.90 on the BSE. The stock of the bank was trading down 0.58% or Rs 0.35 at Rs 60.05 on the NSE. 

At 1114 hours, the stock of UCO Bank was trading down 0.42% or Rs 0.15 at Rs 35.55 on the BSE while the stock of the bank was trading down 0.56% or Rs 0.20 at Rs 35.50 on the NSE. 

 

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