10 out of 15 worst-performing bank stocks in Asia-Pacific are Indian — PNB, YES Bank, Central Bank of India, IDBI among them

Advertisement
10 out of 15 worst-performing bank stocks in Asia-Pacific are Indian — PNB, YES Bank, Central Bank of India, IDBI among them
Punjab National Bank (L), YES Bank (C) and IDBI Bank (R) among the 10 worst performing Indian bank stocks among S&P Global Market Intelligence's assessment of 15 Asia-Pacific banks with the lowest returns between July to SeptemberBCCL/BI India
  • 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.
Advertisement
Indian banks dominated the list of 15 worst-performing bank stocks in Asia-Pacific put out by S&P Global Market Intelligence. All of them logged in double-digit total negative returns between July and September.

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.

Here’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:

RankBankTotal returns (July-Sep)
1YES Bank-49.63%
2Punjab & Sind Bank-28.54%
4Indian Overseas Bank-24.57%
5Union Bank of India-23.39%
6IDBI Bank-20.66%
7Central Bank of India-20.14%
9Punjab National Bank-17.84%
10Jammu and Kashmir Bank-17.82%
11UCO Bank-17.76%
15Bank of India-16.77%
(Source:S&P Global Market Intelligence)

Advertisement

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.

SEE ALSO:
Chinese President Xi Jinping tells marine troops to be on ‘high alert’ and ‘prepare for war’ as tensions in the South China Sea continue to grow

Infosys share price hits fresh 52-week high after highest-ever deal wins of over $3 billion

Whatsapp, Google, Amazon and Facebook under the scanner for data protection violations as Supreme Court calls on RBI and NPCI to investigate

{{}}