New Delhi, March 9 -- Even though the Indian stock market is witnessing a sharp selloff across sectors, the PSU banking space is suffering deeper losses. In intraday trade on Monday, March 9, the Nifty PSU Bank index crashed more than 6%, while the Bank Nifty plunged more than 4%. Equity benchmark Nifty 50 dropped more than 3% during the session.

Shares of SBI, Canara Bank, Bank of Baroda, and Punjab National Bank crashed 4-6%. Among the private bank peers, shares of HDFC Bank and ICICI Bank crashed up to 5% during the session on Monday.

In the previous session, the PSU banking index declined 2%. On a monthly scale, the Nifty PSU Bank index has crashed 11%, looking set to snap its six-month winning streak.

Nifty Bank is down 8% in Marc...