PNB

Feb 18 (Reuters) - Punjab National Bank PNBK.NS:

• BORROWAL FRAUD OF 2.71 BILLION RUPEES HAS BEEN REPORTED TO RBI

• BORROWAL FRAUD REPORTED TO RBI IN NPA ACCOUNT OF GUPTA POWER INFRASTRUCTURE

• BANK HAS ALREADY MADE PROVISIONS AMOUNTING TO 2.71 BILLION RUPEES

Source text: [ID:]

Further company coverage: PNBK.NS

(([email protected];;))

Feb 14 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - ISSUED LONG TERM INFRASTRUCTURE BONDS AT COUPON OF 7.34% P.A.

• PUNJAB NATIONAL BANK - BONDS WORTH 29.5 BILLION RUPEES ISSUED ON PRIVATE PLACEMENT BASIS

Source text: ID:nNSE6hBjtF

Further company coverage: PNBK.NS

(([email protected];))

MUMBAI, Feb 13 (Reuters) - India's Punjab National Bank PNBK.NS has accepted bids worth 29.50 billion rupees ($339.49 million) for infrastructure bonds maturing in 10 years, three merchant bankers said on Thursday.

The state-run bank will pay an annual coupon of 7.34% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

The lender did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 13:

*Size includes base plus greenshoe for some issues

($1 = 86.8950 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, Feb 11 (Reuters) - India's Punjab National Bank PNBK.NS plans to raise 50 billion rupees ($575.67 million), including 30 billion rupees of a greenshoe option, by selling infrastructure bonds maturing in 10 years, three merchant bankers said on Tuesday.

The bank has invited coupon and commitment bids from bankers and investors for the issue on Thursday, they said.

The lender did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Feb. 11:

*Size includes base plus greenshoe for some issues

($1 = 86.8550 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

Jan 31 (Reuters) - Punjab National Bank CEO PNBK.NS:

• SEE IMPACT OF 13-14% ON LIQUIDITY COVERAGE RATIO, IF RBI'S DRAFT GUIDELINES ARE IMPLEMENTED AS IS

• EXPECT LOAN GROWTH OF 13-14% IN THIS FISCAL, HIGHER THAN 10-11% GUIDED EARLIER

• EXPECT TO RECOVER BAD LOANS WORTH 50-60 BILLION RUPEES IN JAN-MARCH

Source text: [ID:]

Further company coverage: PNBK.NS

(([email protected];))

Jan 16 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - ASHOK CHANDRA ASSUMES OFFICE AS MD & CEO OF PNB

Source text: ID:nNSE3NjBsk

Further company coverage: PNBK.NS

(([email protected];;))

** Shares of Punjab National Bank PNBK.NS rise 2.4% to 105 rupees, their biggest one-day gain in nearly a month

** Stock among top pct gainers on the Nifty bank index .NSEBANK, which is up 0.93%

** Bank's provisional global deposits grow 15.6% on-year as on Dec. 31, 2024; global advances up 15%

** Analysts' avg rating on stock is "hold" vs "buy" on peers Bank of Baroda BOB.NS and Axis Bank AXBK.NS - data compiled by LSEG

** Median PT on PNBK is 110 rupees - LSEG data

** Stock gained 7% in 2024 vs 5% rise in Nifty Bank index

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Jan 1 (Reuters) - Punjab National Bank PNBK.NS:

• ATUL KUMAR GOEL CEASES TO BE MANAGING DIRECTOR AND CEO OF PNB

Source text: ID:nBSE7QYRbr

Further company coverage: PNBK.NS

(([email protected];;))

Dec 23 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - PNB BOND ISSUE SIZE 30 BILLION RUPEES

Source text: ID:nBSE1GB6l2

Further company coverage: PNBK.NS

(([email protected];;))

MUMBAI, Dec 20 (Reuters) - India's Punjab National Bank PNBK.NS has accepted bids worth 30 billion rupees ($352.95 million) for Basel III-compliant Tier II bonds maturing in 15 years, three merchant bankers said on Friday.

The bank will pay an annual coupon of 7.43% on this issue and had invited coupon and commitment bids for the issue earlier in the day, they said.

The notes will have a call option at the end of 10 years.

The lender did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 20:

* Size includes base plus greenshoe for some issues

($1 = 84.9990 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

MUMBAI, Dec 19 (Reuters) - India's Punjab National Bank PNBK.NS plans to raise 30 billion rupees ($352.7 million) through the sale of Basel III-compliant additional Tier II bonds maturing in 15 years, three merchant bankers said on Thursday.

The bank has invited coupon and commitment bids for the issue on Friday and the notes will have a call option at the end of 10 years, the bankers said.

The lender did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 19:

*Size includes base plus greenshoe for some issues

($1 = 85.0620 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

(([email protected]))

Nov 27 (Reuters) - Modern Dairies Ltd MDRD.BO:

• FULLY PAID PNB OTS AMOUNT OF 459.4 MILLION RUPEES

Source text: ID:nBSE18lzXr

Further company coverage: MDRD.BO

(([email protected];;))

Oct 28 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK Q2 NET PROFIT 43.03 BILLION RUPEES; IBES PROFIT EST. 34.65 BILLION RUPEES

• PUNJAB NATIONAL BANK Q2 GROSS NPA 4.48%

• PUNJAB NATIONAL BANK Q2 INTEREST EARNED 298.75 BILLION RUPEES

• PUNJAB NATIONAL BANK Q2 NET NPA 0.46%

• PUNJAB NATIONAL BANK Q2 PROVISIONS & CONTINGENCIES 2.88 BILLION RUPEES

• PUNJAB NATIONAL BANK Q2 PROVISIONS FOR NPAS 1.99 BILLION RUPEES

Source text: [ID:]

Further company coverage: PNBK.NS

(([email protected];))

** Shares of PNB Gilts PNBG.NS surge as much as 14.7% to 129.7 rupees

** Non-banking financial co reported Sept-qtr profit of 1.15 bln rupees (~$14 mln) from loss 411.2 mln rupees a year ago

** Interest income grew 12% y/y

** Stock was up ~1% ahead of results

** PNBG eyes busiest trading session since mid-Sept., volumes at 4.3x the 30-day avg

** Stock last up 11.5%, extending YTD gains to around 33%

($1 = 84.0700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Oct 22 (Reuters Breakingviews) - The days of lazy banking in India may be coming to an end. The country's lenders have historically made a larger chunk of their money from interest income than some other markets – just 30% came from other sources as of 2021, versus 40% for banks in the U.S. A deep pool of cheap deposits helped. But a shift in consumer habits is changing the market and forcing banks to find new ways to turn a profit.

Indians, especially those under the age of 30 who make up two-fifths of equity investors, are putting more of their money into assets that can, when markets fare well, yield more than a savings account. Since the pandemic, physical assets like real estate and gold have become more popular. Financial holdings as a share of total household savings fell to 28.5% from 40% during the three years to end March 2023, according to an analysis of official data by state-backed Punjab National Bank PNBK.NS.

The booming stock market is another lure: between June 2020 and March 2023, the share of the country's $3 trillion or so of household financial assets held in mutual funds rose from 6.6% to 8%; bank deposits' share, meanwhile, fell from 49% to 45%.

Granted, banks are still adding deposits at a decent clip of 12% year-on-year as of October, Reserve Bank of India data show. But that's also one percentage point lower than their loan growth. As a result, Indian banks' aggregate loan-to-deposit ratio touched a two-decade high of 80% in December, and was even above 100% for a handful of lenders including HDFC Bank HDBK.NS during the three months to the end of June, per S&P Global.

But the change is starting to hit earnings in a number of ways. The reduction in financial firepower is contributing to a drop in loan growth, which declined to 13% in October from 20% in January, per source. Last month HDFC even sold $717 million-worth of mortgages, Bloomberg reported citing unnamed sources. That helped cut its loan-to-deposit ratio to 100% for the quarter ended September.

Some lenders are having to make more use of the wholesale markets to fund new loans - certificates of deposit issued this year up to Sept. 20 stood at $98 billion, 67% higher than the comparable period of 2023, per RBI data. Another response has been to offer higher interest rates to try to keep savers from pulling out more money.

That all hurts banks' net interest margins. At top lender State Bank of India SBI.NS, that metric declined by 11 basis points to 3.22% in the 12 months to the end of June. HDFC Bank's NIM is 64 basis points lower than when it merged with its parent last year.

Longer term, the answer is to adapt the business model. Making loan sales, whether into the securitisation market or directly to investors, a core part of the business could generate some extra fees. Bulking up in other ways of managing people's savings could provide more juice, from cross-selling insurance and mutual funds to building wealth management businesses. Kotak Mahindra KTKM.NS, for instance, now caters to more than half of India’s top 100 rich families.

It'll require shaking up how banks do business. But the alternative is to watch earnings shrink while hoping for a stock market crash that persuades everyone to put their money back into deposits.

Follow @ShritamaBose on X

CONTEXT NEWS

HDFC Bank aims to lower its loan-to-deposit ratio to levels preceding its 2023 merger with its parent in the next two to three years, Chief Financial Officer Srinivasan Vaidyanathan told reporters in a post-earnings call on Oct. 19. The bank will look to grow loans slower than the overall banking system during the financial year to March 2025, he added.

State Bank of India plans to launch innovative products to address a growing trend of asset allocation among Indians, Chair C.S. Setty told Press Trust of India on Sept. 29.

HDFC Bank has sold a housing loan portfolio of 60 billion rupees ($717 million) to about half a dozen state-controlled banks through private deals, Bloomberg reported on Sept. 26, citing unnamed people familiar with the matter.

(Editing by Antony Currie and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

** Shares of non-banking financial co PNB Gilts PNBG.NS rise 2.2% to 121.45 rupees

** Stock rises after FTSE Russell announces the inclusion of Indian government bonds to the FTSE Emerging Markets Government Bond Index (EMGBI) from Sept 2025

** Move likely to lead to a rise in foreign inflows to domestic debt markets

** PNBG is likely to benefit from the inclusion as it is the only listed primary dealer in government securities

** Stock up ~25% so far this year after rising ~52% in 2023

(Reporting by Bharath Rajeswaran and Dimpal Gulwani in Bengaluru)

(([email protected]))

Sept 26 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - APPROVED ISSUE PRICE QIP AT 103.75 RUPEESPER SHARE

Source text for Eikon: ID:nBSE3s2gfP

Further company coverage: PNBK.NS

(([email protected];))

Sept 23 (Reuters) - Punjab National Bank PNBK.NS:

• APPROVED FLOOR PRICE OF QIP ISSUE OF 109.16 RUPEES

Source text for Eikon: ID:nBSEc8hVd1

Further company coverage: PNBK.NS

(([email protected];;))

Sept 18 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• MAHANAGAR TELEPHONE NIGAM - LETTER RECEIVED FROM PUNJAB NATIONAL BANK (PNB) DTD

• MAHANAGAR TELEPHONE NIGAM - LOAN ACCOUNTS OF MTNL HAS BEEN DOWNGRADE TO NPA ON SEPT 9

• MAHANAGAR TELEPHONE NIGAM LTD - DOWNGRADE DUE TO NON- PAYMENT OF INTEREST AND INSTALMENT

Source text for Eikon: ID:nBSE3cj53d

Further company coverage: MTNL.NS

(([email protected];))

** Shares of Punjab National Bank PNBK.NS up 6% to 127 rupees, their biggest one-day pct gain since April 3

** Stock is the second top percentage gainer on the Nifty bank index .NSEBANK, which is up 0.93%

** Lender's Q1 net profit jumped 159% to 32.52 billion rupees ($388.47 million) Y/Y; interest earned up 13.6%

** Shares see second-busiest day in more than two weeks, with more than 40 mln shares traded

** Avg rating of 18 analysts covering the stock is "Hold"; their median PT is 105 rupees - LSEG

** Stock has risen 31% YTD compared to a 7% rise in the Nifty bank index

($1 = 83.7125 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

July 5 (Reuters) - Punjab National Bank PNBK.NS:

• RESERVE BANK OF INDIA: IMPOSES MONETARY PENALTY OF 13.2 MILLION RUPEES ON PUNJAB NATIONAL BANK

  
  

Further company coverage: PNBK.NS

(([email protected];))

July 4 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - GLOBAL DEPOSITS AS OF JUNE-END UP 8.5% Y/Y

• PUNJAB NATIONAL BANK - PROVISIONAL GLOBAL ADVANCES AS OF JUNE END UP 12.7% Y/Y

Source text for Eikon: ID:nBSE6jsNH1

Further company coverage: PNBK.NS

(([email protected];))

BENGALURU, June 27 (Reuters) - Indian private lender RBL Bank RATB.NS said on Thursday it will raise up to 65 billion rupees ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale.

The bank will raise 35 billion rupees through QIP and 30 billion rupees through issue of debt securities via private placement, according to an exchange filing.

This will be RBL's first share issue via institutional placement since 2021 when the bank saw an abrupt management transition and the central bank increased scrutiny of the lender by temporarily appointing a director on its board amid reports of a large share of unsecured borrowing on its books.

The fundraising comes at a time when the lender targets 20%growth in its loan book over the next two financial years, largely led by an increase in secured retail assets. RBL, however, did not mention how it would deploy the proceeds of the latest capital raise.

Indian banks have been shoring up their capital base to keep up with the rising demand for loans. Lenders including Punjab National Bank PNBK.NS and State Bank of India SBI.NS have approved raising funds in recent months

During fiscal 2024, RBL Bank reported a 20% growth in advances while its deposits grew 22%.

The lender's shares ended 2.1% higher ahead of the fundraise announcement.

($1 = 83.4240 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Shailesh Kuber)

(([email protected]))

** Shares of PNB Housing Finance PNBH.NS rise as much as 2.9% to 804.30 rupees

** IIFL Securities initiates coverage on PNBH with a "buy" rating and target price of 1,050 rupees, a 34% upside to stock's last closing price

** PNBH set to double the affordable and higher yielding emerging prime loan book mix to 40% by FY27, aided by focused verticals with independent branches - IIFL Securities

** Adds alongside up-scaling of affordable and emerging segments, growing mix of non-housing loans and smaller-ticket prime housing loans to improve profitability

** Brokerage sees interest rate cycle, financial health of promoter Punjab National Bank PNBK.NS as key risks

** Avg analyst rating on PNBH is "buy"; peers LIC Housing Finance LICH.NS and Can Fin Homes CNFH.NS also rate "buy"

** PNBH median PT at 970 rupees

** Stock up ~2% YTD, compared with ~15% and ~43 gains in CNFH and LICH respectively

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))

BENGALURU, June 11 (Reuters) - State Bank of India SBI.NS, the country's largest lender, said on Tuesday that its board has approved raising up to $3 billion via debt in the current financial year.

The state-run lender will raise the funds in one or more tranches through a public offer or a private placement of senior unsecured notes, which will be denominated in U.S. dollars or another major foreign currency, it said.

The Mumbai-based lender did not mention what the proceeds will be used for.

Indian banks are shoring up their capital base to meet the rising demand for loans.

Several state run-lenders, including Canara Bank CNBK.NS, Punjab and Sind Bank PUNA.NS and Punjab National Bank PNBK.NS, plan to raise funds via debt this fiscal year.

In January, SBI raised 50 billion rupees (about $600 million) by selling Basel III-compliant additional tier-I perpetual bonds.

The lender is also open to raising equity capital to support growth, Chairman Dinesh Kumar Khara said last month.

SBI's shares were up 0.8% on Tuesday and have gained 30.5% so far this year.

($1 = 83.4950 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sonia Cheema)

(([email protected]; +91 8805175330 ;))

June 5 (Reuters) - BGR Energy Systems Ltd BGRE.NS:

• RECEIVED DEMAND NOTICE FROM PUNJAB NATIONAL BANK

• DEMAND NOTICE FOR RECOVERY OF NPA AMOUNT OF 897.6 MILLION RUPEES

Source text for Eikon: ID:nBSE45npxT

Further company coverage: BGRE.NS

(([email protected];))

Adds analyst estimates on likely inflows into Adani Ports in paragraph 5

By Bharath Rajeswaran

BENGALURU, May 24 (Reuters) - India's Adani Ports and Special Economic Zone APSE.NS will replace Wipro WIPR.NS in the 30-stock blue-chip S&P BSE Sensex .BSESN, the operator of the index said on Friday.

The BSE, in its semi-annual rebalancing exercise, included the country's largest private port operator, making it the first Adani Group company to join the Sensex, effective June 24.

The Sensex ended the session muted ahead of the announcement. .BO

Two Adani Group companies - Adani Enterprises ADEL.NS and Adani Ports are already part of the other benchmark index NSE Nifty 50 .NSEI.

Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.

Adani Ports' inclusion into the Sensex came on the same day when shares of Adani Enterprises recovered in intraday trade to levels last seen in January 2023, before a report by Hindenburg Research triggered a sell-off in Gautam Adani's ports-to-power conglomerate.

Since that report, Adani Ports and Adani Power ADAN.NS have been the best-performing group stocks, rising 86.04% and 157.4%, respectively. They were also the first two Adani companies to bounce back from the drop.

Earlier in May, Adani Ports posted a 76% rise in its fourth-quarter profit, helped by record cargo volumes.

Its stock has jumped 6% this week, its best weekly performance since early February.

Besides the Sensex rejig, REC RECM.NS, HDFC Asset Management HDFA.NS, Canara Bank CNBK.NS, Cummins India CUMM.NS and Punjab National Bank PNBK.NS have been included in the BSE 100 index .BSE100.

The stocks replaced in that index are Page Industries PAGE.NS, SBI Cards and Payment Services SBIC.NS, ICICI Prudential Life Insurance ICIR.NS, Jubilant FoodWorks JUBI.NS and Zee Entertainment Enterprises ZEE.NS.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Varun H K)

(([email protected]; +91 9769003463;))

By Siddhi Nayak

MUMBAI, May 10 (Reuters) - India's Punjab National Bank PNBK.NS aims to close a planned share sale to large investors over the next 6 months, its chief executive said on Friday, as the state-run lender looks to shore up capital.

Banks in Asia's third-largest economy are boosting their capital base to meet the rising demand for loans. The country's largest lender, State Bank of India SBI.NS, is also open to raise equity capital.

Punjab National Bank's board had in December approved a 75 billion rupees ($898 million) fund raise through equity capital.

A qualified institutional placement (QIP) involves selling shares to institutional buyers without offering them to the public.

"For the QIP, we are trying to get all the approvals, but within six months we will try to raise the money from the market," PNB's Managing Director and Chief Executive Officer Atul Kumar Goel said in an interview.

STEADY LOAN GROWTH

For the financial year 2025, Punjab National Bank's loan growth should be 11%-12%, the CEO said, compared with an 11.2% year-on-year rise in January-March.

It aims to grow deposits by 9%-10% in the fiscal year, Goel said, compared with a near 7% growth in January-March.

The bank's corporate loan pipeline stands at around 1 trillion rupees, of which around 600 billion rupees-700 billion rupees has been sanctioned, the CEO said.

FOCUS ON ASSET QUALITY, EXPANSION

Punjab National Bank, whose net profit more than doubled in January-March amid a drop in loan-loss provisions, aims to improve its asset quality in 2024-25, with bad loan recoveries seen around 180 billion rupees, Goel said.

The gross and net non-performing asset ratios will be brought down to less than 5% and 0.5% by March 2025, from 5.73% and 0.73%, respectively, at March-end, the CEO said.

The bank aims to add 150 branches this fiscal year, he said.

INFRASTRUCTURE PROVISIONS

Indian banks will "soon" share their feedback on a central bank proposal for tightening rules for infrastructure project loans, the CEO said.

The guidelines, if implemented as proposed, won't impact project financing and the lender will be in a position to comply, Goel said.

($1 = 83.4750 Indian rupees)

(Reporting by Siddhi Nayak; Editing by Mrigank Dhaniwala)

(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))

May 9 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK Q4 NET PROFIT 30.10 BILLION RUPEES; LSEG IBES PROFIT EST. 26.50 BILLION RUPEES

• PUNJAB NATIONAL BANK Q4 GROSS NPA 5.73%

• PUNJAB NATIONAL BANK Q4 INTEREST EARNED 281.13 BILLION RUPEES

• PUNJAB NATIONAL BANK Q4 NET NPA 0.73%

• PUNJAB NATIONAL BANK Q4 PROVISIONS & CONTINGENCIES 15.88 BILLION RUPEES

• PUNJAB NATIONAL BANK Q4 PROVISIONS FOR NPAS 19.58 BILLION RUPEES

• PUNJAB NATIONAL BANK YEAR AGO Q4 PROFIT 11.59 BILLION RUPEES, INTEREST EARNED 238.49 BILLION RUPEES

• PUNJAB NATIONAL BANK - DIVIDEND 1.5 RUPEESPER SHARE

Source text for Eikon: [ID:]

Further company coverage: PNBK.NS

(([email protected];;))

Adds dropped word "project" in headline

By Bharath Rajeswaran

BENGALURU, May 6 (Reuters) - Shares of Indian state-owned lenders slid 3.5% on Monday, set for their biggest one-day drop in nearly two months, after the country's central bank proposed lenders set aside more money to cover loans for under-construction infrastructure projects.

The Nifty PSU bank index's .NIFTYPSU 3.5% decline was the most among the 13 major sectors. All 12 index constituents were in the red, between Indian Bank's INBA.NS 1.8% drop and Punjab National Bank's PNBK.NS 6.1% decrease.

Shares of non-bank lenders were affected even more deeply, with Power Finance Corp (PFC) PWFC.NS, REC RECM.NS and IREDA INAR.NS sliding between 4% and 8%. They are not on the PSU index.

The Reserve Bank of India, also the country's financial regulator, issued draft guidelines on Friday proposing banks set aside 5% of a sanctioned loan amount while the project is in construction, taking into account a lender's experience of financing such loans.

"We believe the draft norms are punitive toward incremental and existing project lending" and state-owned lenders will be most exposed if the norms get implemented, Nomura analysts said in a note.

Macquarie analysts said the new provisioning requirements apply retrospectively and not on incremental loans.

"We think this will have two implications, where provisioning requirements will go up for lenders, affecting their profitability and these companies may ration credit to project finance, further postponing the capex recovery," they added.

While the stocks of non-bank lenders fell more sharply than those of banks, analysts said such companies would likely not be as badly affected.

"The impact on PFC and REC will only be on capital adequacy ratios and not on their profits," CLSA said, adding that the companies were well capitalised.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))