The shock of America’s Silicon Valley Bank (SVB) and Signature Bank crisis has been felt by the whole world. Due to this tornado that arose in America, there was a stir in the stock markets around the world. There has also been a sharp decline in the Indian market. Banking and financial stocks have taken a hit. The Nifty Bank index has taken a hit in the last 3 trading sessions and has lost Rs 1.33 lakh crore.
Market cap decreased by Rs 1.33 lakh crore in 3 days
America’s Silicon Valley Bank collapsed after the Indian market closed on 9 March. The market capitalization of Bank Nifty as on March 9 was Rs 29.9 lakh crore. Whereas, on March 14, 2023, the market cap of Bank Nifty on the closing basis was Rs 28.6 lakh crore. That is, the market cap of Bank Nifty decreased by Rs 1.33 lakh crore in 3 trading sessions. Signature Bank collapsed after Silicon Valley Bank (SVB). The market cap of the 50-share Nifty 50 also declined from Rs 13.87 lakh crore to Rs 13.45 lakh crore as on March 14, 2023.
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This much decline in the market cap of different banks
The market cap of State Bank of India (SBI) stood at Rs 498796.55 crore as on March 9, 2023, which decreased to Rs 468899.10 crore as on March 14, 2023. Whereas, the market cap of Punjab National Bank as on March 9, 2023 was Rs 56046.07 crore. On March 14, 2023, it decreased to Rs 53018.04 crore. Similarly, the market cap of Kotak Mahindra Bank was Rs 341023.29 crore as on March 9, 2023, which declined to Rs 327425.66 crore as on March 14, 2023. The market cap of HDFC Bank also declined from Rs 909759.69 crore to Rs 872743.34 crore.
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Disclaimer: Information provided here is only about stock performance and does not constitute investment advice. Investment in share market is subject to risk and you should consult your advisor before investing.
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