STOCK MARKET BSE NSE

How BJP leader Subramanian Swamy's letter sent Indiabulls Housing Finance shares tumbling

Indiabulls Housing Finance plunged after BJP leader Subramanian Swamy accused the company of embezzling funds from the National Housing Bank.

Published: 29th July 2019 03:04 PM  |   Last Updated: 29th July 2019 03:33 PM   |  A+A-

BJP leader Subramanian Swamy (File | PTI)

By ANI

MUMBAI: Equity benchmark indices extended early losses and continued to remain under pressure around noon on Monday with auto and metal stocks taking a severe beating.

At 12:15 pm, the BSE S&P Sensex was down 317 points at 37,566 while the Nifty 50 lost over one per cent or 122 points to level at 11,163.

At the National Stock Exchange, all sectoral indices were in the red. Nifty auto tumbled by over 3 per cent, media by 2.6 per cent, metal by 2.5 per cent and pharma by nearly 2 per cent.

ALSO READ: Indiabulls Housing Finance denies Subramanian Swamy's allegations as stock tanks

Among stocks, Indiabulls Housing Finance plunged by 7.6 per cent and traded at Rs 576.85 per share after BJP leader Subramanian Swamy accused the company of embezzling funds from the National Housing Bank.

Auto stocks were the worst sufferers. Tata Motors skidded by 4.7 per cent, Bajaj Auto by 4.9 per cent, Eicher Motors by 3.8 per cent and Hero MotoCorp by over 3 per cent.

Grasim slipped by 6.2 per cent, mining major Vedanta by over 4.6 per cent, JSW Steel by 3.2 per cent and Zee Entertainment by 3.1 per cent.

However, ICICI Bank edged higher by 3.78 per cent. IT majors like HCL Tech, Tech Mahindra, Tata Consultancy Services and Infosys showed marginal gains.

Meanwhile, Asian stocks dipped as US and Chinese trade negotiators meet in Shanghai this week for their first in-person talks since a G-20 truce last month, However, investor expectations are low for a breakthrough.

The biggest decline was in South Korea on earnings concerns, with equity benchmarks also slipping in Japan and Hong Kong. China was little changed as markets anxiously counted down to a likely cut in US interest rates this week.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp