Why PFC, REC, PNB, BOB, SBI slipped up to 9% on May 06, 2024
Reason for PSU Bank’s Fall today
Project financers (REC, PFC) and PSU Banks down as RBI tightens project finance norms
Power Finance Corporation (PFC) tanked 9 per cent to Rs 438 and REC slipped 7 percent to Rs 519 on the BSE in the intraday trade. However, despite today’s decline, PFC and REC have zoomed 70 per cent each in the past six months.
Among other PSU Banks, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India, State Bank of India, Union Bank of India, and UCO Bank dropped between 2 percent and 5 percent.
Continued….
