Indian market ends lower on Monday, govt actively working on consolidation of PSU banks says Jaitley
BSE Sensex was down 166.36 points at 31,095.70 and NSE Nifty was down 51.85 points at 9,616.40.
Union Finance Minister met the heads of the Public Sector Banks (PSBs) on Monday for a review of banks' performances, especially how to recover the over rupees six lakh of bad loans or NPAs sitting on the PSB's books, media reports said.
He also said that the government is actively working on consolidation of PSU banks, media reported.
Following the minister's meeting banking stocks overall dipped on Monday, according to market reports.
Besides, the finance minister has said that state which want to push forward farmer loan waiver schemes must do so from their own resources, media reported.
Key stocks that gained were Infosys, Tech Mahindra, Sun Pharma, HUL, Cipla, Tata Power, HCL Tech and BHEL while Bank of Baroda, Tata Motors, L&T, Wipro, ICICI Bank and Bajaj Auto declined.