PSU bank stocks end on mixed note as mega merger of lenders takes effect

By: |
Published: April 1, 2020 9:26:40 PM

Shares of public sector banks closed the day on a mixed note after the mega merger of PSU lenders came into effect from Wednesday. 

Credit, coronavirus, credit risk, SGX, Globalisation, Global warming, investment decisionsShares of Punjab National Bank dropped 5.72 per cent, while Canara Bank fell marginally by 0.17 per cent .

Shares of public sector banks closed the day on a mixed note after the mega merger of PSU lenders came into effect from Wednesday. As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India merged into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.

Shares of Punjab National Bank dropped 5.72 per cent, while Canara Bank fell marginally by 0.17 per cent on the BSE. In contrast, Indian Bank gained 1.86 per cent and Union Bank of India rose marginally by 0.17 per cent.
The broader market depicted a weak trend, with the 30-share BSE barometer tanking 1,203.18 points or 4.08 per cent to close at 28,265.31.

The consolidation exercise assumes significance as it took place at a time when the entire country is under the grip of the COVID-19 outbreak, which has triggered a 21-day lockdown.
State-owned Punjab National bank on Wednesday said all nation-wide branches of United Bank of India and

Oriental Bank of Commerce has started functioning as PNB branches. The amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect from April 1, 2020.
Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RBI’s loan moratorium may spell trouble for NBFCs looking for funds, as investors’ trust weakens
2Debt downgrades can push India bank fund raising to $20 billion
3Kotak Mahindra Bank set to raise Rs 7,460 crore through share sale