Nifty Bank has seen the worst month since March 2020, with losses across all 14 of its constituents. Every single constituent of the index saw losses in double digits. The losses range between 11% to 22%. The index has declined by more than 16% in March. This is the worst month for the stock since the Covid-19 month, during which it had dropped over 30%. Together, the private banks have contributed to a ₹1 lakh crore loss in market capitalisation on Monday.
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1 / 10Nifty Bank has seen the worst month since March 2020, with losses across all 14 of its constituents. Every single constituent of the index saw losses in double digits. The losses range between 11% to 22%. The index has declined by more than 16% in March. This is the worst month for the stock since the COVID-19 month, during which it had dropped over 30%. Together, the private banks have contributed to a ₹1 lakh crore loss in market capitalisation on Monday.
2 / 10Shares of State Bank of India as well as Union Bank of India fell nearly 18% in March this year, while HDFC Bank fell 17.5%. For HDFC Bank, this has turned out to be the worst start to the year since 2008, having delivered positive returns every year since 2014. The 19% drop in SBI this month has dragged the stock into negative territory for the year, while for Union Bank, it turned out to be the worst month since September 2020.
3 / 10Shares of Yes Bank and Axis Bank fell 16.46% and 16%, respectively, in March. Both shares fell between 3% to 5% on Monday. Shares of Yes Bank, which is the latest entrant to the Nifty Bank, are down 20% so far this year, while Axis Bank shares are down 8% so far year-to-date.
4 / 10AU Small Finance Bank, Federal Bank and ICICI Bank turned out to be the best performers on the Nifty Bank index, having declined between 11% to 13% in the month of March.
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