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Weak start to week, mkts slump nearly 4 pct

The week started on a negative note today, as the Sensex dropped more than 350 points to close 3.8 pct down.

Investor sentiments have been hit yet again by weak U.S. data for the fourth quarter and a survey that showed Indian manufacturing activity fell for a third straight month in January.

Amongst Sensex components, shares in DLF, India’s top listed firm, took a beating as they slipped 13.5 pct. DLF reported a 69 percent slump in quarterly profit to 6.71 billion rupees on Saturday.

As the Satyam saga continues, the Economic Times reported that SEBI will consider a proposal from Satyam’s government-appointed board to set the open offer price over a shorter period, probably two weeks, instead of the usual six-month average.

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