Shares of public sector companies and government banks fell by up to 15 percent

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Shares of public sector companies and government banks fell by up to 15 percent on Tuesday. Their shares have fallen amid initial trends of counting of votes for the Lok Sabha elections on Tuesday showing that the BJP has got fewer seats than the exit polls. The Nifty PSU Bank index saw a massive fall of 839.55 points and came down to 7,166.60.

Punjab & Sind Bank’s share on NSE fell by 14.75 percent to Rs 55.50. Indian Bank’s share was trading at Rs 528.75 with a decline and Union Bank was trading at Rs 148.90 with a slight decline. Apart from these, the share of public sector State Bank of India (SBI) fell by 11.73 percent to Rs 799.45. Shares of Punjab National Bank and Bank of Baroda fell 10 per cent each to Rs 123.30 and Rs 267.25, respectively. The Nifty Bank index fell 2,806.40 points, or 5.50 per cent, to 48,173.55. The Nifty PSE index was also trading 1,221.55 points lower at 10,110.25.

Shares of Bharat Electronics Limited (BEL), PFC, RECL and Bharat Heavy Electricals declined up to 15 per cent. Shares of Hindustan Aeronautics, Container Corporation of India, ONGC, Coal India, NTPC, Gas Authority of India, SAIL and Power Grid also declined 10 per cent each on the NSE. The 50-share NSE Nifty fell 1,371.85 points, or 5.9 per cent, to 21,892.05 in the forenoon session.

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