Fund managers are refusing to load up on stocks of state-run banks even at beaten down valuations, frustrated by their weak balance sheets and structural problems, although analysts appear to be a tad more confident about them, if buy ratings are anything to go by.
There are more buy ratings for most-tracked Indian state-run banks, with the exception of fraud-hit Punjab National Bank (PNB) now, than there were a week after the bank recapitalization plan was announced in October, data from Bloomberg showed.
