10 out of 15 worst-performing bank stocks in Asia-Pacific are Indian — PNB, YES Bank, Central Bank of India, IDBI among them
- 10 out of the 15 worst-performing banks between July and September were Indian banks, according to S&P Global Market Intelligence.
- YES Bank was at the bottom of the list, with the total returns plummeting nearly 50%.
- Other Indian banks with the worst returns include Punjab & Sind Bank, Indian Overseas Bank, Union Bank of India, IDBI Bank, and Punjab National Bank.
10 out of the 15 banks were Indian, with YES Bank at the bottom of the list with returns dipping by 48.63%, which is hardly surprising considering the YES Bank scandal followed by the COVID-19 pandemic.
Meanwhile, smaller banks from Bangladesh, Pakistan, and China were among the best-performing stocks for the three months ending on September 30.
AdvertisementHere’s the full list of the Indian banks on S&P Global Market Intelligence's list of 15 bank stocks in Asia-Pacific with the lowest total returns between July to September:
(Source:S&P Global Market Intelligence)
|Rank||Bank||Total returns (July-Sep)|
|2||Punjab & Sind Bank||-28.54%|
|4||Indian Overseas Bank||-24.57%|
|5||Union Bank of India||-23.39%|
|7||Central Bank of India||-20.14%|
|9||Punjab National Bank||-17.84%|
|10||Jammu and Kashmir Bank||-17.82%|
|15||Bank of India||-16.77%|
Sixteen of the 20 largest Asia-Pacific banks saw declines in their market capitalization in the last three months, according to S&P. “Indian bank stocks have been on a declining trend in 2020, with major lenders falling between 12% to more than 50% between January 1 to August 31,” said the report.
Not a single Indian bank featured among the 15 best banking stocks with the highest returns.
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