Private Banks Drag Down the Market
Indian stock market benchmark indices suffered heavy losses on Monday. At one point, the Sensex plummeted by over 1,020 points before finally settling at 73,852.90, down by 876.37 points (1.17%). The Nifty shed 257.20 points (1.11%) to close at 22,888.95. The quarterly financial results of HDFC Bank, Axis Bank, and ICICI Bank—released late last week—failed to impress the market. A massive sell-off by investors in the shares of these banks was the primary reason for the market's decline.
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