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.
AdvertisementIndian 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.
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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