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Despite the tough environment, SBI was projected to have more resilient net interest margins, something Nomura highlighted in an April 5 report.
Most banks saw their value drop (18 of the top 20), mainly because of Middle East tensions and foreign investors selling off $10.8 billion in Indian stocks by March 18.
IDBI Bank was hit hardest, losing over 40% of its value, while HDFC Bank still leads but also faced a big dip after its part-time chairman stepped down over ethical issues.