A muted March quarter can keep bank stocks under pressure

According to an ETIG analysis, 28 out of 31 listed banks were traded at lower trailing price-book (P/B) multiples compared with the year-ago valuations. Of the remaining three banks, HDFC Bank's current P/B at 2.8 is higher than the year-ago level of 2.6 while ICICI Bank has a P/B of 3.3 compared with 3.1 a year ago.