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SVB became the biggest US lender to fail in more than a decade on Friday, after a tumultuous week that saw an unsuccessful attempt to raise capital and a cash exodus from the startups that fueled its rise.

PNC Financial Services Group Inc, Apollo Management and Morgan Stanley are also in talks with the defunct lender, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business.

The startup-focused bank, SVB, became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets. U.S. regulators stepped in over the weekend to guarantee the deposits of SVB, but this did little to reassure investors that there will be no more fallout. In the money markets, a closely watched indicator of credit risk in the U.S. banking system edged up on Monday, as did other indicators of credit risk in the euro zone

U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual

Shares in First Republic Bank tumbled 65 percent, PacWest Bancorp 35 percent, Comerica 33 percent and KeyCorp 23 percent as trading got underway

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​In FY23, 34 smallcap stocks have turned into multibaggers, including nine that were negative performers in FY22.

SVB Capital and SVB Securities are separate divisions of SVB Financial and not part of Silicon Valley Bank, which is undergoing resolution under the jurisdiction of the Federal Deposit Insurance Corporation ("FDIC") and the U.S. Federal Reserve.

Much will depend on what U.S. consumer price figures reveal on Tuesday, with an obvious risk that a high reading will pile pressure on the Fed to hike aggressively even with the financial system under strain.

Falling for the third straight session, Sensex tanked nearly 900 points to close below the 59,000 mark on Monday due to a massive sell-off in banking, finance and auto stocks following the Silicon Valley Bank mess-up last week.