Sensex down 150 pts, Nifty below 10,400; Airtel falls 2%

Sensex down 150 pts, Nifty below 10,400; Airtel falls 2%

Indian stock markets dropped in the early morning trades with Sensex diving over 100 points and Nifty slipped below 10,400-level as the quantum of India’s biggest banking scandal at PNB inched up further by Rs 942 crore. The S&P BSE Sensexshed 123.23 points or 0.36% to open at 33,733.55 while NSE Nifty slipped below 10,400-mark starting the day at 10,393.05, down by 33.8 or 0.32%. All of the shares of BSE Sensex traded in negative territory barring NTPC, IndusInd Bank, L&T, TCS and Sun Pharma. In a major blow yesterday, the Reserve Bank of India barred all the banks from issuing guarantees in the form of LoU (Letters of Undertaking) as the fraud at nation’s second-largest PSU lender PNB has been worsening day after day.

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Shares of SBI, Yes Bank, Adani Ports, Tata Steel, Hero MotoCorp, ICICI Bank, Axis Bank, Bharti Airtel were the major laggards among the Sensex components falling up to 1.5%. Shares of Gitanjali Gems crumbled by 5% to a 52-week low of Rs 13.6 on Wednesday. NSE has levied penalties on as many as 24 companies including scam-hit Gitanjali Gems for failure to file financial results for the period October-December 2017. All the sectoral indices of NSE traded in red except Nifty IT and Nifty Pharma with Nifty PSU Bank and Nifty Metal index leading the losses.

The NSE Nifty index was trading 36 points down at 10,391, while the BSE Sensex was down 115 points at 33,742 around 10:25 am (IST). Among the 50 stocks in the Nifty index, 18 were trading in the green, while 32 were in the red. 

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