Banking Crisis: After America it is the turn of Swiss banks! Credit Suisse shares slide 24 percent after bank’s top shareholder rules out support
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Europe’s bank index has declined heavily since March 8. Due to this, 127.08 billion dollars of investors have been destroyed. The index has declined by 6.4 per cent. Due to this, European shares declined by 2.4 percent. This is the biggest weekly decline since Russia’s invasion of Ukraine in February last year. The impact of the sinking of two American banks, Silicon Valley Bank and Signature Bank, is being seen in the stock markets of the whole world. However, in other Asian markets, China’s Shanghai Composite, Japan’s Nikkei, Hong Kong’s Hangseng and South Korea’s Cospi closed with gains. Credit Suisse Bank is scrambling to turn profitable. For this, it has planned a three-year restructuring. Credit Suisse has also been badly affected by the recent downturn in the banking sector. Investors are very concerned about the health of banks after the collapse of Silicon Valley Bank.
condition of domestic stock market
The BSE Sensex closed at 57,555.90, down 344 points on Wednesday due to heavy selling in bank, financial and telecom stocks. This is its five-month low. The NSE Nifty also closed at 16,972.15, down 71.15 points, or 0.42 percent. Out of 50 stocks included in this, 28 stocks were in loss. IndusInd Bank was the biggest loser in the Sensex pack, shedding two per cent. Apart from this, Bharti Airtel, Reliance Industries, HDFC, HDFC Bank, SBI, HUL, Tata Motors, Nestle India and Axis Bank were also among the losers. On the other hand, Asian Paints, Tata Steel, Titan and L&T were gainers, rising up to 3.03 per cent. Of the 30 Sensex stocks, 21 ended in losses.
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