Shares of public sector undertaking (PSU) banks were under pressure with the Nifty PSU Bank index falling more than 7% on the National Stock Exchange (NSE). Punjab National Bank (PNB), Bank of Baroda (BoB), State Bank of India (SBI), Canara Bank, Oriental Bank of Commerce, Union Bank of India, IDBI Bank, Syndicate Bank and Allahabad Bank were down between 4% and 10% on the NSE. At 03:07 pm, Nifty PSU Bank index, the largest loser among sectoral indices, was down 7.3%, as compared to 1.9% fall in the Nifty50 index. The shares of PSU banks have emerged the major gainers from demonetisation. At a time when benchmark indices have declined about 5%, major state-owned banks' stock prices have moved up 6-22% till Friday. Between November 9 and November 18, Nifty PSU Bank index outperformed the market by surging 10%.