Five of 12 public sector bank stocks trade near face value of equity share

Five out of 12 public sector banks are trading near the face value of their equity shares on bourses regardless of a rally in stock benchmark indices, according to an analysis. Shares of state-run Indian Overseas Bank are even trading below the face value of Rs 10 per share. The stock closed at Rs 9.27 on Friday at BSE when the benchmark index Sensex closed at 40,509. The Chennai-based bank tapped the market first on September 2000 offloading part of the government's stake at par or at the face value of Rs 10. Remaining four public sector banks of Bank of Maharashtra, UCO Bank, Punjab & Sind Bank and Central Bank of India are trading near the face value of Rs 10 per share. Shares of Punjab & Sind Bank closed at Rs 10.81 per unit, Bank of Maharashtra's at 11.29 per unit on Friday. Mumbai-based Central Bank of India is slightly better positioned with closing price of Rs 12.45 per share followed by Kolkata-based UCO Bank at 12.14 per unit. One of the reasons for low interest of ..

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