MUMBAI, March 19 -- Selling in banking heavyweights led a broad market selloff on Thursday, pulling benchmark indices sharply lower as weakness in private lenders combined with rising global risk aversion.

Financials bore the brunt of the decline, with sentiment in private banks turning cautious amid both stock-specific concerns and a wider risk-off mood. The Nifty Private Bank index was among the worst performers, second only to Nifty Realty, which fell 3.3%.

At the centre of the selloff was HDFC Bank, whose shares plunged over 8% to a 52-week low of Rs.772 following an unexpected leadership change that raised governance concerns.

The bank said its part-time Chairman and independent director, Atanu Chakraborty, has stepped down, with ...