Indian stock markets were trading weak on Tuesday, i.e. 3 September, weighed down by weak gross domestic product (GDP) data and announcement of merger of public sector banks. At 10:55 am, the benchmark S&P BSE Sensex was down 412.71 points, or 1.11%, at 36,920.08, while the Nifty 50 index was trading lower by 118.40 points, or 1.07%, at 10,904.85. Punjab National Bank (PNB), Tata Steel, Maruti Suzuki, Tata Motors and IndiGo were among the key stocks in focus today:
PNB: Shares of Punjab National Bank slump 8.5% after finance minister Nirmala Sitharaman unveiled plan to merge 10 public sector banks into four. Other public sector banks like OBC and Indian Bank were down over 7%, while Allahabad Bank, Union Bank of India and Canara Bank were down 2-6% per cent.
Tata Steel: Tata Steel Ltd shares decline 3.8% after the company announced closure of a plant in the southern Welsh city of Newport, with a potential loss of around 400 jobs at the UK site.
Maruti Suzuki: Shares of Maruti Suzuki India Ltd fall 2% after the auto maker reported a 33% dip in total sales in August at 106,413 units compared with 158,189 units a year ago.
Tata Motors: Tata Motors Ltd drop 4.7% after the company reported a 58% decline in its domestic passenger vehicle sales at 7,316 units in August compared with a year ago.
Coffee Day Enterprises: Coffee Day Enterprises Ltd shares shed 5% as the company appointed former CBI DG Ashok Malhotra to probe its financials.
IndiGo: Shares of Interglobe Aviation Ltd, operator of India’s largest airline IndiGo, fall 1.5% after its CFO Rohit Philip resigned effective 15 September. The board has approvedthe appointment of AdityaPande as the new CFO w.e.f. 16 September.
Yes Bank: Yes Bank Ltd shares shot up as much as 4% after the lender approved increase in its authorised share capital to Rs 1,100 crore.