Nifty Bank crashes by 5,000 points. PNB, SBI, HDFC Bank fall up to 20%

Nifty Bank saw a near-5,000 points or 10% intraday fall on Tuesday as investors made mincemeat of the markets after poll trends showed a spirited fight by the INDIA alliance around half past noon against the exit polls which had given a thumping win to the Bharatiya Janata Party (BJP) led NDA alliance.

These are trends and the final outcome could be different when the last vote is counted.

Nifty Bank fell to the day's low of 46,077.85 with all 12 stocks in the index trading in the red. Index heavyweights HDFC Bank and ICICI Bank were among the top three laggards and behind Reliance Industries (RIL) to have triggered the downfall.

State-run State Bank of India (SBI) also contributed to the downfall in good stead. SBI fell by a mammoth 19% to hit an intraday bottom of Rs 732. The counter which crossed the market capitalisation of Rs 8 lakh crore while hitting all time high saw its market cap recede to just over 7 lakh crore on the BSE.

HDFC Bank fell by 7.5% to hit the day's low of Rs 1,454. The stock had ended at Rs 1,572.20 on the NSE on Monday. The second largest private lender by way of market capitalisation ICICI Bank tumbled 9.2% to hit the day's low of Rs 1,053.55.

Punjab National Bank (PNB) and Bank of Baroda (BoB) were the top laggards which tanked by 20%. Meanwhile, Bandhan Bank, IndusInd Bank, Federal Bank, IDFC First Bank, Axis Bank, AU Small Finance Bank and Kotak Mahindra Bank fell between 12% and 4% around this time.

Around this time, Nifty was trading at 21,859.65, falling by 1,404.25 points or 6.04%.

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