DHFL fraud case added to the worries. DHFL has been facing insolvency proceedings for more than a year. Siddhartha Khemka, head (retail research), Motilal Oswal Financial Services, said, "Banking stocks were down also due to the news flow that the government may consider an extension of the moratorium till December and negative sentiments around the PNB announcement of Rs 3,688 crore DHFL exposure as fraud. Additionally, the equity markets are also in a consolidation phase as Nifty has been trading near the 10,800-range for the last few sessions." He added that the equity markets were down on Friday due to profit booking, weakness in the global market and rising novel coronavirus cases, which led to the announcement of further lockdowns in different parts of the country. The biggest losers in Nifty Bank were Punjab National Bank, RBL Bank, IDFC First Bank, Axis Bank and IndusInd Bank.