Mumbai: Market benchmark, the Sensex slumped for a second straight day as it fell by 266.44 points to 24,020.98 on sustained exodus of global investors from risky assets while IT stocks tanked after Cognizant lowered revenue guidance for the year. Besides, the broader NSE Nifty cracked below 7,300-level.
The shares of drug maker Dr Reddy’s fell by nearly 4 per cent after the company’s third quarter earnings failed to meet market expectations. It posted a marginal rise in net profit at Rs 579.2 crore for the quarter ended December 31, hit by weak sales in emerging markets like Russia and CIS nations.
Punjab National Bank plunged by nearly 7 per cent after reporting a whopping 93.41 per cent decline in profit for the third quarter. Global cues were also muted as Japan’s Nikkei nosedived nearly 5.50 per cent. C”Further, weak quarterly earnings of key corporate, global economic growth prospects and continued selling by foreign portfolio investors raised worries in the minds of investors,” said Gaurav Jain Director of Hem Securities.
