Markets slump continues as Sensex loses more than 200 points

Violet Powell
August 10, 2017

The stock had also underperformed the market over the past one quarter, declining 4.35% as against the Sensex's 6.98% rise.

The 30-scrip Sensitive Index (Sensex) of the BSE slipped below the 32,000-level and closed at 31,797.84 points - down 216.35 points, or 0.68 per cent from its previous close at 32,014.19 points. Intra- day, it cracked below the 9,900-mark to touch 9,893.05.

The remarks followed a new report asserting that USA intelligence has assessed that North Korea has successfully produced a miniaturized nuclear warhead that can fit inside its missiles.

Global market fell as geo-political tension between North Korea and USA continued to keep risk appetite under check. However, sources told CNBC-TV18, there could be some respite to certain firms within a week.

Sandeep Parekh, Founder, Finsec Law Advisors said the concept of shell company in itself could not be used to penalise entities in the absence of any other violation of laws, regulations or circulars. The regulator is likely to allow trading in about 12 companies once they explain their position and the trading may resume in a week.

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Wednesday opened negative for both indices with BSE Sensexopening lower than its Tuesday closing. More than three shares declined for every share rising on the BSE.

Investors turned jittery after the market regulator last night directed bourses to initiate action against the suspected shell companies scrips of which will not be available for trading this month.

The fundamentals of the Indian economy are continuously improving, which gives greater confidence in the medium to long term potential of Indian equities, he believes.

Sun Pharma was the biggest Sensex loser, ending 5.13 percent lower at Rs 474 in response to Taro reporting 50 percent drop in net profit to $54.5 million on 31 percent fall in revenues to $161 million.

Aurobindo Pharma declined 2.8 percent ahead of its quarterly results due today. Lupin, Dr Reddy's Labs and Cipla were down more than 2 percent.

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