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Shares of Gayatri Projects extended declines for the fourth consecutive trading session.
The stock fell as much as 20 percent, the most in record, to Rs 69.55, the lowest since August 2015.
The scrip declined 30 percent in four days. Trading volume was more than 10 times its 20-day average, according to Bloomberg data. Of the shares traded, 39 percent were at the ask price and 52 percent were at the bid.
Indian equity benchmarks fluctuated between gains and losses to trade flat.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 40,649 and 11,996 respectively. The broader markets represented by the NSE Nifty 500 Index, too, traded flat.
Shares of UCO Bank extended gains for the third consecutive trading session. The stock rose as much as 19.8 percent to Rs 22.40.
The scrip rallied 72 percent in three trading session. Trading volume was more than 16 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.
Nifty’s 12,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on today, fell 49.81 percent to Rs 19.65. Over 29.30 lakh shares were added to the open interest which stood at over 49.63 lakh shares.
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About 11.5 lakh shares of Aegis Logistics changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Shares of Bharat Petroleum Corporation fell as much as 3.2 percent to Rs 527.30.
The Cabinet has approved a strategic divestment of the government’s 53.29 percent stake Bharat Petroleum Corporation Ltd. divestment to a strategic buyer, along with transfer of management control.
The divestment will exclude BPCL’s 61 percent stake in Numaligarh Refinery in Assam, which will be moved out of BPCL before the disinvestment and retained by the government.
Shares of Bharti Airtel swung to a fall of as much as 2.3 percent from a gain of as much as 1.2 percent, while shares of Vodafone Idea swung to a fall of as much as 12.3 percent from a gain of as much as 12.3 percent.
In view of the financial stress faced by major telecom service providers and based on recommendations given by a Committee of Secretaries, the Cabinet has approved:
(Read the full story and watch the full conversation here)
Shares of Dewan Housing Finance Corporation swung to a fall of as much as 2.9 percent from a gain of as much as 4.9 percent.
That comes after the Reserve Bank of India has superseded the board of Dewan Housing Finance Corporation Ltd. and intends to refer the non-bank lender for resolution under the newly introduced insolvency window for financial service providers.
The RBI appointed R Subramaniakumar, former managing director and chief executive officer of Indian Overseas Bank, as administrator of DHFL. In a statement issued on Wednesday, the regulator said the decision has been taken in light of governance concerns and defaults at the non-bank lender.
The RBI further added that it intends to “shortly initiate the process of resolution of the company.”
Indian equity benchmarks fluctuated between and and losses in the opening trade.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 40,647 and 11,996 respectively. The broader markets represented by the NSE Nifty 500 Index, too, traded flat.
The market breadth was tilted in favour of buyers. About 814 stocks advanced and 616 shares declined on National Stock Exchange.
Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 0.4 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 5 percent.
The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.04 percent to 71.84 against the greenback.
Indian equity benchmarks are set for tepid start.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed 40,718 and 12,028 respectively during the pre-market trade.
About 15 crore shares of Zee Entertainment changed hands in a large trade on National Stock Exchange at a price of Rs 304, Bloomberg data showed.
While buyers and sellers were not known immediately, Subhash Chandra-led Essel Group, the promoter of Zee Entertainment Enterprises, had planned sell 16.5 percent shareholding in the media major to financial investors.
After this transaction, the promoter stake in Zee Entertainment will stand reduced to 5 percent, said a company statement. Though Chandra’s son Puneet Goenka remains managing director and chief executive officer and his term, that was to end on Dec. 31, recently received in-principle approval from the company board for a five-year extension. It’s not clear if that will change with new investors coming aboard.
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