The loan moratorium hearing continues to take place at full-swing as a bench of Justices Ashok Bhushan, R S Reddy and M R Shah will hear the case later today. Following which, banking stocks were under hotbed during Tuesday's trading session dragging overall benchmarks.
At around 11.18 am, Nifty Bank was trading at 30,435.75 dipped by 310.15 points or 1.01%. The index has touched an intraday high of 30,345.75.
Top underperformers list included PNB at the top spot down by nearly 3%, followed by
Federal Bank which dipped by nearly 2%.
Heavyweight stocks like
ICICI Bank, SBI, Axis Bank and IndusInd Bank were the major laggards, tumbling between 1-2%.
RBL Bank,
IDFC First Bank and Bank of Baroda also dive between 1-2%.
HDFC Bank and Kotak Bank slip marginally.
While Bandhan Bank gains marginally emerging as the only gainer on the index.
The apex court extended the loan moratorium hearing date to Tuesday, where petitions from borrowers including companies will be heard seeking relief between March 2020 and August 2020 moratorium period amid Covid-19 pandemic.
On Monday, the court sought response from Centre and seven states on plea disputing the decision to allocate/auction coal blocks for commercial mining in densely forested areas.