Sensex Descends 155 Points to Close at 38,667, Indiabulls Housing Finance Slumps Over 34 Per Cent

Mumbai, September 30: Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues. The BSE S&P Sensex closed 155 points or 0.4 per cent lower at 38,667 while the Nifty 50 slipped by 35 point to 11,477. At the National Stock Exchange, most sectoral indices were in the red except for IT and FMCG. Nifty PSU bank was down by 3.4 per cent, private bank by 2.7 per cent, pharma by 1.9 per cent, realty by 1.2 per cent and auto by 1 per cent.

Among stocks, Indiabulls Housing Finance slumped by 34.4 per cent after the Delhi High Court agreed on Friday to hear public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. It closed the day at Rs 255.50 per share. Private lender Yes Bank tumbled by 14.3 per cent to Rs 41.75 per share despite gets a nod from the Reserve Bank of India for further capital raising. Sensex Jumps 1,200 Points, Nifty Crosses 11,650 Mark on Corporate Tax Cut.

Reliance Capital fell by 12.3 per cent after its Chairman Anil Ambani told shareholders during the annual general meeting that the company will exit the lending business. Troubled renewable energy solutions provider Suzlon dropped by 10.2 per cent despite denying reports that it has filed for bankruptcy and will soon be approaching the National Company Law Tribunal (NCLT).

The other major losers were IndusInd Bank which slipped by 6.1 per cent, State Bank of India by 3.6 per cent, ICICI Bank by 3.4 per cent, Zee Entertainment by 3.3 per cent and Cipla by 3.2 per cent. HDFC, Sun Pharma, Axis Bank and Britannia too closed in the red.However, HCL Technologies gained by 3.6 per cent, Infosys by 2.8 per cent, Tata Consultancy Services by 2 per cent and Tech Mahindra by 1.6 per cent. UPL, ITC, Reliance Industries, Adani Ports and Nestle India too were in the positive zone.

Meanwhile, Asian stock markets were little changed following reports the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

In Japan, the Nikkei 225 slipped by 0.56 per cent as shares of index heavyweight and conglomerate Softbank Group plunged more than 2.5 per cent. The Shanghai composite shed 0.92 per cent but Kospi was up by 0.64 per cent.