SENSEX Slides 792 Points Amid Broad Selloff, IndiGo, Bandhan Bank & Paytm Drive Stock Action

Mumbai: Indian stock markets remained under pressure on Friday, with benchmark indices extending losses in afternoon trade due to broad-based selling across sectors. The SENSEX fell as much as 818 points during the session, while the NIFTY50 slipped to an intraday low of 25,041.

Heavy selling was seen in key index stocks such as Axis Bank, Larsen & Toubro, Reliance Industries, InterGlobe Aviation (IndiGo), Maruti Suzuki and Eternal.

At around 3:14 pm, the SENSEX was down 792 points at 81,514, while the NIFTY50 declined 204 points to trade at 25,086.

IndiGo drops after sharp profit fall

Shares of IndiGo, the country’s largest airline, fell nearly 4 percent to an intraday low of Rs 4,722.50. The decline came after the airline reported a sharp 77 percent fall in net profit for the December quarter.

IndiGo’s profit dropped to Rs 550 crore from Rs 2,449 crore a year ago. The company said the fall was mainly due to an exceptional expense of Rs 1,546 crore. This included Rs 969 crore for new labour code provisions and Rs 577 crore due to operational disruptions in December.

Bandhan Bank jumps despite weak results

Bandhan Bank shares rose as much as 5.5 percent, marking their best single-day gain in over nine months. This came despite a sharp drop in December quarter profit.

The bank reported a 52 percent year-on-year fall in net profit to Rs 206 crore. However, profit improved sharply on a quarter-on-quarter basis, rising 84 percent from the previous quarter.

The bank also reported better asset quality, with gross NPAs declining to 3.33 percent. Global brokerage CLSA said operating profit was better than expected, helped by controlled costs.

Other buzzing stocks

Mphasis shares slipped 2 percent despite reporting a modest rise in profit and strong revenue growth.

United Spirits gained over 1 percent after Serum Institute CEO Adar Poonawalla said he would submit a strong bid for the Royal Challengers Bengaluru IPL team, currently owned by the company.

Tanla Platforms surged 13 percent after reporting double-digit growth in profit and revenue.

Hindustan Zinc jumped over 6 percent to a record high as silver prices hit new highs globally and in India.

Meanwhile, One97 Communications (Paytm) fell nearly 10 percent amid heavy trading volumes.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to risks. Readers should consult financial advisors before making investment decisions.