Business Today

Sensex falls 183 pts, ADAG stocks tank

Indian shares continued its fall on Wednesday, amid a sharp selloff in shares of companies controlled by Anil Ambani.

twitter-logoPTI | February 9, 2011 | Updated 17:36 IST

The BSE benchmark Sensex on Wednesday fell further, losing 183 points to close at 17,592.77, as investors continued to sell stocks on a string of negatives ranging from fears of interest rate hike impacting corporate profits to widening of the probe in 2G spectrum scam.

The Bombay Stock Exchange benchmark index Sensex, which had lost 262 points in the previous session, declined another 182.93 points to close at 17,592.77, a level last seen in early July last year. It touched the day's low of 17,508.35.

Marketmen said selling pressure has gathered momentum in view of CBI's arrest of DB Realty official in the widening probe in the 2G spectrum licensing scam.

They said investors also remained apprehensive of further hike in interest rates - in view of rising inflation - as it may dent corporate profits.

The broad-based National Stock Exchange index Nifty dipped below another crucial level of 5,300, falling 59 points to 5,253.55. It touched a new low of 5,225.65.

Sensex's downward march was led by power, metals, realty and consumer durables segments. As the selling pressure spread over a wide-front, midcap and smallcap sector index turned heavy losers.

A weakening trend in the Asian region and lower opening in Europe was another dampening factor for the market.

Among the ADAG stocks, Reliance Infra dropped to its lowest level since April 2009 by losing 18.8 per cent to Rs 534.70.

Another heavyweight, Reliance Communications, too slumped by 14.3 per cent to a record low of Rs 94.85.

Further, Reliance Capital, Reliance MediaWorks, and Reliance Power too fell sharply, falling 14.5 per cent, 16.11 per cent, and 8.9 per cent on the BSE.

Jaiprakash Associates, the biggest builder of dams, plunged to the lowest level in more than 21 months, falling Rs 8.65 to Rs 72.35. DB Realty slipped to a record low by falling Rs 8.05 to Rs 129.05.

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