Banking Shares Plunged by 2.6%

The banking shares index - BSE Banking slided 2.6 per cent on Wednesday, a major set back for the investors those have been feeling the banking shares safe. The major bank of India -State Bank of India registered 7 per cent down on Wednesday.

Many other commercial bank share were also plunged on Wednesday during the trading hours. The shares of Axis Bank Ltd and ICICI bank slipped 2.4 per cent and 2.1 per cent respectively.

The bank shares fell due following the credit rating agency Moody downgrading the Indian bank sector from 'stable' to 'negative'.