New Delhi: The BSE 30-share index dropped to three month low in the afternoon trade with Tata Consultancy Services Ltd. leading the losers among the software firms as the US economy contracted.
The Sensex fell by 220.88 points, or 2.5%, to 8,670.73. The National Stock Exchange (NSE) Nifty fell by 2.5% to 2,693.45.
Software company TCS declined by 3.8% on sales worries in the US.
Mukesh Ambani-led Reliance Industries Ltd. (RIL) dropped after it offered one of its shares for every 16 shares of Reliance Petroleum Ltd. (RPL) held.
The RIL fell 2.5% to Rs1,235, while the RPL declined 0.6% to Rs75.9.
The nation’s largest oil producer Oil & Natural Gas Corp. (ONGC), led commodity stocks lower after metal and crude prices declined.
According to the market regulator the Foreign investors sold a net Rs2.39 billion of stocks on 26 February.