Bank shares plunge up to 8% amid weak business updates

Historically, the third quarter is not a great one for banks

- AKSHATA GORDE & SACHIN KUMAR

SHARES OF BANKS fell by 2%-8% on Monday after lenders reported lower-than-expected growth in advances and deposits.

Union Bank of India emerged as the top loser, with its shares plummeting 8%. It was followed by Bank of Baroda, which saw a 5% decline. Shares of Punjab National Bank fell by 4% while Central Bank reported a 3.5% decline. Bank of India witnessed a 3% fall while HDFC Bank shares slipped by 2%.