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Banks shares prices continued to be under pressure after Maharashtra government on Sunday decided to waive off farms loans of small and marginal farmers.
PSU Bank index slipped over a percent as Kotak in its latest report said Maharashtra has nearly Rs 4.2 lakh crore agriculture loans (23 percent of total loans) and Rs 1.2 lakh crore farm loans (7 percent of loans) with PSU banks holding nearly 52 percent of total farm loans, followed by co-operative banks (32 percent) and private banks (12 percent). Nifty Bank index also lost half a percent.
Among stocks, Bank of Baroda, Canara Bank, PNB, Federal Bank, ICICI Bank, OBC, SBI and Union Bank were down 0.5-2 percent.
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