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Bank Sector Stocks Fell: Today, three government banks in the stock market – Central Bank of India, Punjab and Sindh Bank and Indian Overseas Bank are seeing a steady decline. This decline has come after completing the process of raising funds through QIPs recently.

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Shares fall by 12 percent (Bank Sector Stocks Fell)

The shares of Central Bank of India have seen a decline for the third consecutive day. Today, there has been a decline of 12 percent. Earlier, this stock had fallen by 6 percent in two trading sessions. However, it is currently trading at 37.48 with a decline of 3.83 (9.27%).

At the same time, the shares of Punjab and Sindh Bank had recorded a steep decline of 20 per cent on the previous day, while in today's business it has seen a loss of more than 8 per cent.

Apart from this, the Indian Overseas Bank is also under pressure to sell continuously. It has been seeing a decline since the last 6 business days and it has fallen by 5 percent in today's business.

Since the completion of QIP, selling dominates (Bank Sector Stocks Fell)

Let us tell you that Overseas Bank recently raised Rs 1,436 crore through QIP, in which LIC and LIC pension funds had bought shares worth Rs 600 crore alone. Apart from this, IIFL Finance and National Pension Scheme Trust also acquired 5-5 percent of the total QIP.

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At the same time, Punjab and Sindh Bank issued their shares to Central Bank of India and Indian Overseas Bank, while Central Bank of India sold shares to Punjab National Bank, Canara Bank and Bank of Baroda.

The government has more than 90 percent stake in these banks (Bank Sector Stocks Fell)

It is worth noting that these banks have been sold to follow the minimum public shareholding norms through this QIP. At present, the government has more than 90 percent stake in these four PSU banks.

Shares are trading at this level (Bank Sector Stocks Fell)

Let us tell you that the share of Central Bank of India has reached its Intrade low level of Rs 36.46, while it closed at Rs 41.31 on Tuesday. Punjab and Sindh Bank touched the lowest level of the day with Rs 31.86. At the same time, Indian Overseas Bank shares created an intraday low level of 35.80.

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