BSE Sensex trades lower by over 100 points, while the Nifty 50 trades below 10,400. Here are the latest updates from the markets

Benchmark indices fell for a second straight day on Wednesday as banking stocks declined after the Reserve Bank of India (RBI) banned letters of undertaking (LoUs) for seeking overseas loans. The RBI on Tuesday barred banks from issuing LoUs, instruments used by Nirav Modi and Mehul Choksi to perpetrate the over $2 billion PNB fraud. The Indian rupee was trading little changed against the US dollar in opening trade. Here are the latest update from the markets:
10.35 am IST
PNB shares fall 3%
Punjab National Bank shares fell 3.06% to Rs95 after the bank has told police it has uncovered additional exposure of about Rs942 crore ($145.2 million) in connection with a huge alleged fraud.

10.33 am IST
Coal India shares down after Citi downgrade
Coal India Ltd shares fell 1.4% to Rs290.65 after brokerage firm Citi downgraded the stock to Neutral from Buy and lowered its target price to Rs320 a share from Rs365 earlier.
10.05 am IST
Banking stocks trade lower
Banking stocks fell. Punjab National Bank was down 3.7%, Canara Bank 3%, IDBI Bank 2.8%, Allahabad Bank 2.7%, Bank of India 2%, Union Bank of India 2%, Oriental Bank of Commerce 1.9%, Indian Bank 1.8%, Bank of Baroda 1.8%, Syndicate Bank 1.7% and State Bank of India fell 1.4%.

10.00 am IST
Fortis Healthcare shares gain 5%
Fortis Healthcare Ltd shares rose 5% to Rs160 after The Economic Times reported that Malaysia’s IHH Healthcare is set to launch a voluntary open offer to buy non-promoter shares of Fortis Healthcare in the next few days.
09.55 am IST
RCom shares decline nearly 3%
Reliance Communications Ltd fell 2.8% to Rs22.75 after the National Company Law Tribunal (NCLT) continued with its stay on the sale of Reliance Infratel’s assets to a third party till further orders.

Source: livemint.com