Shares of most public sector enterprises plummeted in morning trade on Tuesday following a two-day rally. Initial election result trends indicated a narrow win for the Bharatiya Janata Party-led NDA, as they trailed in key battleground states.
The Nifty PSU Bank index closed 15.14% lower, while it fell as much as 19.51% on an intraday basis. The index rose as much as 9.03% during the rally on Monday.
Union Bank led the decline, with a fall of 17.65%; followed by Central Bank and Punjab and Sind Bank, which saw a fall of around 16.32% and 15.9%, respectively.
The 50-stock benchmark index Nifty ended 5.93% lower.
Shares of other state-run firms also declined in trade on Tuesday.
Shares of Bharat Electronics Ltd. and Oil and Gas Corp. saw a decline of 19.21% and 16.23%, respectively. A few other top losers during market close were NLC India Ltd., NTPC Ltd. and Coal India Ltd.
RECOMMENDED FOR YOU
![](https://images.assettype.com/bloombergquint/2024-02/39beed1a-e7e6-46cf-98cc-64174ba58c97/WhatsApp_Image_2024_01_08_at_12_03_24.jpeg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Look For Under-Tapped Opportunities In A Heated Market, Say Analysts
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2023-03/d412b980-6753-4420-acf1-f23d01774643/Screenshot_2023_03_01_151605.png?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
RBI Fines Central Bank Of India Rs 1.45 Crore For Violating Loan, Customer Protection Norms
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-05/28c284f9-0de3-4847-a1d0-4473b60a33d8/State_Bank_Of_India_SBI_Bhavan_at_Nariman_Point_in_Mumbai_210119__3__jpeg.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
SBI Looks To Boost Project Finance Division With Sector Experts
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-06/85043c10-3f67-4920-ab2c-63c02327440b/State_Bank_Of_India_SBI_Bhavan_at_Nariman_Point_in_Mumbai_210119__3__jpeg.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
SBI - Sustained Sector Leadership In A Benign Environment: HDFC Securities
![timelogo](/images/amp-time.png)