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A maturing market amid the mayhem

Banking index falls more than 2 pct

December 6, 2010

It was not a great start to the week for banking counters, as the BSE Banking index dropped 2.3 percent on fears margins could be hit.

India’s top lender State Bank of India said it will raise deposit rates by between 50 and 150 basis points for various maturities, with effect from Dec. 7.

Canara Bank ended as the top loser in the index after shedding 4.7 percent, while Bank of India shares slipped 4 percent. ICICI Bank shares ended down more than 2 percent, while SBI slipped 3.86 percent.

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