Bank stocks experienced a sharp decline on November 21, driven by a broad market sell-off and bribery allegations against Gautam Adani and his executives. Most banking stocks fell, with major public sector banks like State Bank of India and Bank of Baroda losing 4-8%, while private sector banks showed relatively better performance.Following the Hindenburg report in January 2023, several banks disclosed their exposure to the Adani Group, with Life Insurance Corporation reporting Rs 35,920 crore and State Bank of India revealing approximately Rs 27,000 crore in total exposure.
As Samvat 2081 begins, the stock market remains robust, with Nifty 50 companies expected to achieve an 11.8% earnings CAGR from FY24-FY26. Following a record-breaking Samvat 2080, analysts suggest a shift towards large-cap stocks, indicating a need to rebalance portfolios away from small and mid-caps.
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