Banks that fell for Brand Kingfisher branded negative

Public sector banks led by State Bank of India that fell head over heels for Brand Kingfisher and its calendar girls have been branded negative by CRISIL rating. An announcement by CRISIL in this regard has put pressure on the banks equities that are under pressure now. The rating agency has announced that the asset quality of as many as eight banks in the public sector has come down and that is why it has rated them watch negative. Another five banks' rating has been changed from stable to negative. The negative rating showed itself in the banks stocks on Friday. As a result, SBI, Oriental Bank of Commerce, IDBI, Allahabad Bank, Indian Overseas Bank, Andhra Bank, Bank of India, Punjab National Bank, Canara Bank and Union Bank of India stocks lost 1% each. Nifty SU Bank Index registered 0.69% loss.