New Delhi, March 11 -- Increasing geopolitical and geoeconomic risks, rising crude oil prices, a falling Indian rupee, and heavy foreign capital outflows have wreaked havoc on the Indian stock market. While most sectoral indices are in the red, the banking pack is witnessing a heightened selloff.

The Nifty Bank index has crashed 8% so far in March, with stocks such as Bank of Baroda, Federal Bank, Punjab National Bank, Union Bank, and Canara Bank down 10-11%.

Shares of HDFC Bank, ICICI Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Axis Bank, SBI, and IDFC First Bank have declined 5-10% in March so far.

Meanwhile, equity benchmark Nifty 50 has declined 5% this month so far.

The banking sector is seen as a proxy for economic growt...