Banks under pressure; ICICI, IndusInd, BOB, IDFC First down up to 3%

Banking stocks remained under pressure, with the Nifty Bank index down nearly 1% on the NSE following a "show-cause notice" issued by Sebi to Hindenburg Research on June 27, 2024. The US-based short seller alleged Sebi’s aid to the Gautam-Adani led group and implicated a private bank in the Adani-Hindenburg saga. ICICI Bank, IndusInd Bank, IDFC First Bank, Bandhan Bank, and Federal Bank, along with Bank of Baroda, Punjab National Bank, and State Bank of India, slipped 1-3%. Kotak Mahindra Bank's shares fell 4% but recovered to trade down 2%. Kotak clarified that Hindenburg was never a client or investor in its fund.