Bank, NBFC shares fall after RBI tighten norms on personal loans

Shares of bank and NBFC firms tumbled up to 7 per cent in morning trade on Friday due to heavy selling pressure after the Reserve Bank tightened norms for consumer credit. State Bank of India shares fell 3.34 per cent, Axis Bank declined by 3 per cent, Canara Bank went lower by 2.67 per cent, and Bank of Baroda dipped by 2.31 per cent. Federal Bank (1.39 per cent), HDFC Bank (1.26 per cent), ICICI Bank (1.16 per cent) and IndusInd Bank (0.89 per cent) also declined on the BSE. The BSE Bankex index fell 1.12 per cent.