The winner of this contest on Tuesday will qualify for the final. The loser, though, will get another chance to reach the final
ICICI Bank Ltd. led declines among finance companies, falling 3.3 per cent, after Fitch Ratings threatened to downgrade the stock if bad debt were to climb.
“Investors haven’t taken lightly the statement from Chidambaram asking companies to cut prices,” said P.R. Dilip, managing director at investment advisory firm Impetus Wealth Management.
The benchmark Bombay Stock Exchange Sensitive Index, or Sensex, lost 163.42, or 1.8 per cent, to 8,773.78, the lowest level since October 27. It advanced as much as 3.4 per cent before shedding gains in the final hour of trade.
The S&P CNX Nifty Index on the National Stock Exchange fell 48.15, or 1.8 per cent, to 2,635. The BSE 200 Index slid 1.8 per cent to 1,044.02.
“Now I think the ball is in the court of suppliers and manufacturers, they have to cut prices,” Chidambaram said.
ICICI, the nation’s second-biggest lender, tumbled 11.95 rupees, or 3.3 per cent, to 348.25. “The individual rating may be downgraded if the bank’s asset quality, which is already showing signs of weaknesses, deteriorates significantly more than anticipates,” Fitch said of ICICI.
State Bank slid 27.4 rupees, or 2.5 per cent, to 1,081.05, the lowest since October 27.
Overseas investors sold a net 6.32 billion rupees ($127 million) of Indian equities on November 17, taking outflows from stocks this year to $13 billion, according to the nation’s stock market regulator.
Unitech Ltd., the nation’s second- biggest real-estate developer, fell to the lowest since October 24 after Goldman Sachs Group Inc. forecast a 30 per cent drop in property prices. The stock fell 1.3 per cent to 38.85 rupees.
The winner of this contest on Tuesday will qualify for the final. The loser, though, will get another chance to reach the final
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