Historically, September hasn't been kind to these three banks. BoI has seen declines in 9 out of the last 10 Septembers, while SBI and Bank of Maharashtra have fallen 8 times each during the same period. On average, their September returns are negative, with BoI at -7.7%, SBI at -3.4%, and Bank of Maharashtra at -3.7%. The most significant drop occurred in 2020, during the Covid-19 pandemic, with losses ranging from 18% to 23%.
