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They have also priced in rate cuts of accumulated 80 basis points to about 4% by the end of the year amid fears of policy tightening and a brewing banking crisis drive the economy into a recession, despite the pullback from Chair Powell.

Powell also said on Wednesday that banking industry stress could trigger a credit crunch with "significant" implications for an economy that U.S. central bank officials projected would slow even more this year than previously thought.

Deloitte India-backed resolution professional Vijaykumar V Iyer has announced two options for interested bidders to submit their EoIs. Under option I, bidders can submit EoI for the entire FRL, including its shareholding interest in subsidiaries. Under option II, bidders can choose one or more of the five clusters.

"As per our analysis, if the losses are fully realised which is unlikely in our view on the held-to-maturity book, the range of impact on net worth could be 2-10% for Indian banks," said Suresh Ganapathy, associate director, Macquarie Capital. "However, this remains a theoretical exercise and unlikely to crystallise."

As the market experienced a decline, 7 stocks from the BSE commodities index fell to their lowest levels in 52 weeks.

The company forecast current-quarter revenue in the range of $16.1 billion and $16.7 billion. Analysts on average were expecting revenue of $16.64 billion, according to Refinitiv data.

​The asset management firm aims to sell 2,32,07,692 shares of the company. The floor price for stake sale has been fixed at Rs 345 a share.

"Parties to the proposed transaction (for which a binding memorandum of understanding had been signed earlier) have executed a Share Purchase Agreement and concluded the transaction," a BSE filing stated.

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As per Ace Equity data, banking stocks such as Karnataka Bank and UCO Bank have given over 100% returns to their investors at the same time.