Bank Nifty, AU Small Finance, Federal Bank, PNB Drop as RBI Caps Forex Exposure
Mumbai, March 30 – Bank Nifty fell sharply by 2.08 percent on Monday, with all major banking stocks under pressure after the Reserve Bank of India introduced measures to curb speculative forex trading by banks.The RBI on Friday directed banks to limit their net open rupee positions to $100 million by the end of each business day, with compliance required by April 10. This move sparked broad-based selling across the banking sector.
At 09:51 IST, Bank Nifty was trading at 51,187.65, down 1,086.95 points from its previous close of 52,274.60. The index opened at 51,527.90, touched a high of 51,624.50 and a low of 50,888.15, with total traded volume exceeding 100 million shares valued at ₹32,989 crore.
All 14 constituents of the index declined, wiping out gains from the previous two sessions when the index had risen more than 4 percent.
AU Small Finance Bank led losses, dropping 2.5 percent to ₹860.20 per share. Axis Bank fell 2.93 percent to ₹1,169.90, IDFC First Bank declined 3.31 percent to ₹59.82, and Kotak Mahindra Bank slipped 3.45 percent to ₹353.50. Federal Bank was down 1.91 percent, Punjab National Bank fell 2.03 percent to ₹103, and State Bank of India declined 1.46 percent to ₹1,004.60. HDFC Bank also lost 1.41 percent, trading at ₹745.55.
The sell-off reflects immediate market caution in response to RBI’s intervention in banks’ foreign exchange positions, signaling a more risk-averse trading environment for the banking sector.
Bank Nifty Constituents – Performance Snapshot
| Stock | Last Price (₹) | Change (₹) | % Change |
|---|---|---|---|
| AU Small Finance Bank | 860.20 | -21.95 | -2.50 |
| Axis Bank | 1,169.90 | -35.30 | -2.93 |
| IDFC First Bank | 59.82 | -2.05 | -3.31 |
| Kotak Mahindra Bank | 353.50 | -12.65 | -3.45 |
| Federal Bank | 95.10 | -1.85 | -1.91 |
| Punjab National Bank | 103.00 | -2.13 | -2.03 |
| State Bank of India | 1,004.60 | -14.90 | -1.46 |
| HDFC Bank | 745.55 | -10.65 | -1.41 |
| ICICI Bank | 1,214.80 | -19.00 | -1.54 |
| Canara Bank | 127.93 | -2.52 | -1.93 |
| Bank of Baroda | 253.30 | -7.00 | -2.69 |
| Union Bank of India | 170.96 | -4.52 | -2.58 |
| IDBI Bank | 72.45 | -1.35 | -1.83 |
| RBL Bank | 184.50 | -3.95 | -2.10 |
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