The real trouble with our banks

Once upon a time, that is, in March 2013, banking stocks used to be a "must own" in every domestic and foreign institutional investor portfolio. Any dissenting view (expressed by us, for instance, in a research note dated April 4, 2013) was met with general ridicule. Four months later… anybody owning Indian bank stocks is being talked of as a liability to his/her fund house. Banks stocks have collapsed between 25 and 60 per cent since March this year, and they still look wobbly.

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