​ Bank Nifty: Will Trouble in Financial Sectors Drag India Stock Market?
Volatility in India stocks spiked higher last week as panic set in the nation’s financial shares and dragging down Bank Nifty and other benchmark Index. Investors confidence remain fragile after the recent default by IL&FS (Infrastructure Leasing & Financial Services). Then last Friday, India’s central bank rejected the tenure extension of Yes Bank’s Chief Executive Officer. Yes Bank (OTC: YYBKY) plunged 29% on the news and hit the lowest level since 2016, dragging other major India benchmark. Dewan Housing Finance followed along and saw its stocks falling by 43%, the steepest on record. At one point during the day, Dewan fell as much as 60%. The panic was triggered by investor’s speculation that the debt default by IL&FS may spread to other lenders.
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