Coal block scam: PFC, REC, SBI fall on asset quality woes

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Moneycontrol BureauThe coal crisis has hit public sector lenders that have lent to iron and steel companies after the Supreme Court on Monday deemed coal blocks post-1993 illegal.

Stocks of PSU banks slipped on concerns of asset quality due to their exposure to coal mines. State Bank of India was trading down 18 points at Rs 2487.55 at 11:06 am.

Brokerage house Credit Suisse has said that SBI, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) have the highest exposure to coal related companies.

Shares of PFC were trading over 4.5 percent down at Rs 245.50 and REC was down over 3.5 percent at Rs 259.10 in early trade.

(Posted by Ritika Dange)