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7 of the worlds 10 worst-performing bank stocks are in India

IDBI Bank leads share price losses among state-run banks, having slumped about 60% this year.

The spiral of gloom is showing no signs of abating for Indian lenders.

Seven of the 10 worst-performing bank stocks globally are from Asias third-biggest economy, data compiled by Bloomberg show. There are likely to be more dark days ahead as the lenders, already battling with the worlds highest soured debt, face fresh challenges to theirasset qualityfrom the slowdown in economic growth and the lingering crisis at the shadow banks.

Its a double-whammy for lenders as a slowing economy has added to their existing woes with asset quality and fund-raising plans, said Pritesh Bumb, an analyst at Prabhudas Lilladher Pvt. in Mumbai.

At the top of the heap, of course, isYes BankLtd., which has seen its shares crash 70% this year on concerns about the lenders thinning capital buffers and its sizable exposure to the cash-strapped shadow lenders.

While Yes Bank last week raised about $273 million selling shares to large investors, the market remains jittery about its holding of pledged shares. The stock is down over 25% this week after CG Power Ltd., in which the bank owns a 12.8% stake, on Tuesday raised red flags over suspect, unauthorized and undisclosed transactions.

IDBI BankLtd. leads share price losses among state-run lenders, having slumped by about 60% this year. The banks provisions forbad loanshave risen for seven straight financial years through March 2019, forcing it to set aside 192 billion rupees ($2.7 billion) last year — an amount that almost equals its current market value.

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7 of the worlds 10 worst-performing bank stocks are in India

US unemployment rate hits 3.5 per cent; job growth moderate

As Fed policymakers comb data, few decisive signals on outlook

Talwalkars defaults on term loan, NCD payment

Brave new world: RBIs significant GDP downgrade, plus why dollar may rise sharply

Dalal Street week ahead: Market may attempt a technical rebound, protect profit at every bounce

Weekly F&O contracts: How have they changed the market & whats in store?

Market correction after the big spurt is normal; there is no need to worry

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