New Delhi, Mar 13 (PTI) Shares of bank-related companies settled lower on Monday amid the collapse of a US-based Silicon Valley Bank.

The stock of IndusInd Bank tumbled 7.46 per cent to close at Rs 1,060, AU Bank tanked 4.49 per cent to Rs 596.25, State Bank of India (SBI) declined 3.21 per cent to Rs 529.70 and Bandhan Bank slipped 3.09 per cent to Rs 217.85 apiece on BSE.

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Besides, Federal Bank declined (2.71 per cent), Bank of Baroda (2.32 per cent), Axis Bank (2.29 per cent), ICICI Bank (1.82 per cent), Kotak Mahindra Bank (1.45 per cent) and HDFC Bank (1.26 per cent).

Bankex index plummeted 1,027.62 points or 2.24 per cent to close at 44,793.66 on BSE.

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The US-based SVB Financials, which mainly funds startups, crashed 60 per cent in the US market last week, triggering concerns over the health of banks' bond portfolios and its possible rippling effects globally.

US federal agency Federal Deposit Insurance Corporation (FDIC) on Friday seized the assets of Silicon Valley Bank -- the action reportedly in the middle of the business day highlighted the severity of the situation.

The bank failed after clients -- many of them venture capital firms and VC-backed companies that the bank had cultivated over time -- began pulling out their deposits, creating a run on the bank (among the biggest US bank runs in more than a decade).

The 30-share BSE Sensex tumbled 897.28 or 1.52 per cent to close at 58,237.85 points.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)