Bank stocks witnessed heavy selling on Thursday as investors felt that it would not be possible for the Reserve Bank to cut key rates due to rising inflation. Also, some of the bank stocks, which had announced hefty dividends for the year ended March 31, 2012, turned ex-dividend on Thursday. State Bank of India was down by Rs. 68 (3.06 per cent) to Rs. 2.154.25. ICICI Bank lost 3.5 per cent to Rs. 819.40 and HDFC Bank 1.53 per cent (Rs. 8.30) to Rs. 534.40.
Shares of Punjab National Bank, which turned ex-dividend on Thursday, were down by 5.49 per cent to Rs. 769. Bank of Baroda, Canara Bank and Axis Bank, which also went ex-dividend, ended lower at Rs. 695.25, Rs. 413.10 and Rs.1,012.35, respectively.
