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A maturing market amid the mayhem

Sensex falls 3.2 pct, led by Reliance Ind


MARKETS-SOUTHASIA-STOCKSIndian 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.