Sensex down 156 pts, PNB shares plunge 14 pct
New Delhi , May 16 : Market indices recovered in evening trade on Wednesday with the Sensex down about 156 points, after a significant plunge in the morning, following correction in banks stocks after Punjab National Bank (PNB) reported a massive loss in the fourth quarter of FY 2017-18.The Punjab National Bank extended Tuesday's losses, and was down about 12 percent, after it reported a net loss of Rs.13, 416.91 crores for the fourth quarter of the fiscal year ending March 31, 2018.
Reliance Industries, ICICI Bank and HDFC Group stocks dragged.
Meanwhile, HUL, Lupin, ITC gained about two to three percent.
On the other hand, the rupee closed at Rs. 67.87 against the US dollar today.