Bank Nifty Crashes 1,433 Pts as RBI’s $100M Forex Cap Forces $40Bn Unwind; Axis, SBI Lead Sectoral Rout

The Bank Nifty crashed 2.67% after the RBI capped bank Net Open Positions (NOP) at $100 million. The move forces lenders to unwind an estimated $30–$50 billion in speculative dollar bets by April 10, leading to projected MTM losses of ₹4,000 crore. Major losers include Axis Bank, SBI, and Kotak Mahindra.