A maturing market amid the mayhem
Sensex falls 3.2 pct, led by Reliance Ind
Indian stocks struggled throughout trade today, weighed down by grim economic data and weakness in global markets. The benchmark index closed 3.2 percent lower, led by a fall in some heavyweight stocks.
Reliance Industries (RIL) and Reliance Petro were in focus, after the former announced that it would absorb its Reliance Petro unit through a share swap. RIL will issue one share for every 16 held in Reliance Petro.
Shares in RIL lost over 3 percent in trade, whereas Reliance Petro closed 1.38 percent lower.
It was a tough day for large caps, with stocks like ICICI plunging 7.2 percent and L&T dropping 4.4 percent.
Some stocks like Reliance Capital, Axis Bank, Punj Lloyd and Larsen & Toubro touched their 52-week lows today.
With markets slipping fast, do you think the Sensex will drop to the 8000 level soon?