Banks going down today ?

HDFC bank listed on Nasdaq has taken a hit. Has gone down more than 5%. There it is trading at a P/E of 29.5 and on NSE its trading at a P/E of 32.5. ICICI has also gone down 8%. wow thats a lot ! Its trading there at 19.87 P/E while on NSE its over 22.2 P/E. There is no doubt that banks are going to take a hit today. (Please read my disclaimer). So no buying calls or going long. that would be too risky. Oil is also more or less at the same level as yesterday.

Strategy : Short hdfcbank , icicibank.