Banking stocks slid up to 4% following the RBI's cut in the repo rate to 6% by 25 basis points. Though a reduction in the repo rate usually causes a positive impact on stocks, but today the banking stocks fell up to 4%. Public sector banks suffered significant losses, amongst which Union Bank of India dropped by 4% (approx.), Indian Bank fell by 3.67%, State Bank of India plunged by 3.5%, whereas Private banks, including Bandhan Bank, RBL Bank, YES Bank, and ICICI Bank, saw declines ranging from 1% to 3.5%.
