Nifty PSU Bank declines 2% amid Vodafone Idea’s AGR concerns

Nifty PSU Bank slips: The Nifty PSU Bank index, which monitors the performance of public sector banks, fell by as much as 1.80 per cent, hitting an intraday low of 6,556.25 on Thursday, September 19, 2024.

Analysts link the index’s decline to a major drop in Vodafone Idea’s stock price after the Supreme Court rejected telecom companies’ plea to re-evaluate adjusted gross revenues (AGR), while also affirming the government’s existing AGR demands.