Sensex ends down 256 points

Sensex ends down 256 points
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First Published: Wed, Sep 17 2008. 03 58 PM IST
Updated: Wed, Sep 17 2008. 03 58 PM IST
New Delhi: The markets continued their slide on heavy selling by funds with the BSE benchmark ending down 1.9% or 256 points at 13,263 levels.
The Sensex touched a low of 13,127 levels in intra-day deals.
Among Sensex scrips, continuing its slide for the second consecutive day was ICICI Bank that tanked 5.3% or Rs31 on fears of a loss due to exposure to Lehman Brothers.
As part of its treasury operations, the bank undertook transactions with Lehman Brothers entities as counter-parties. The exposure constitutes less than 1% of ICICI Bank UK PLC’s total assets and less than 0.1% of the consolidated total assets of the ICICI Group.
The management expects 50% recovery and the additional provision required would be about $28 million.
Ranbaxy Laboratories lost 6.6% by close after the US FDA issued two warning letters against the company and also notified an import alert against its generic drugs produced from Dewas and Paonta Sahib plants in India.
HDFC Bank, ITC Limited, State Bank of India, Sterlite Industries, Reliance Industries, TCS Limited, Reliance Communications and Bhel were some of the other key losers in the Sensex pack.
Profit booking was also visible in realty scrips with Unitech Limited closing 8.8% lower at Rs128 levels. Sobha Developers, HDIL, Orbit Corporation, DLF Limited, Indiabulls Real Estate and Omaxe Limited also lost considerable ground.
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First Published: Wed, Sep 17 2008. 03 58 PM IST
More Topics: India | Stocks | Open | Ranbaxy | BSE |