Sensex Drops 500 points; R-Infra, PC Jewellers, Jet Airways Key Stocks to Watch
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The benchmark stock market indices witnessed steep decline on Monday. The S&P BSE Sensex dropped over 500 points, or 1.3%, to trade at 38,948.24 at 3.15pm, while the Nifty 50 was trading lower by 156.50 points, or 1.3%, at 11,666.10.
All the sectoral indices were trading in the red, with the BSE Metal and BSE Energy being top losers, down 3.2% and 2.5%, respectively.
Here are the key stocks that traders need to watch today:
Jet Airways: Shares of Jet Airways tumbled 19% in intraday trade, marking their eighth day of decline, after the Prime Minister’s Office asked the revenue department to assess tax dues on account of the airline, according to a media report.
Reliance Infrastructure: Shares of Reliance Infrastructure plunged 14% intraday after the Anil Ambani-led company reported a consolidated net loss of Rs 3,301 crore in the March quarter, its biggest ever loss.
PC Jewellers: Shares of PC Jewellers sank 19% as Crisil downgraded ratings on the company’s bank loan facilities. The jewellery maker’s long-term rating has been cut to 'BB+/Negative' from 'BBB+/Negative', while the short-term rating has been slashed to 'A4+' from 'A2'.
Shriram Transport: Shriram Transport Finance shares fell as much as 7.8% after Piramal Enterprises sold its entire stake in the company. A media report said that about 10% equity worth Rs 2,305 crore exchanged hands on NSE at around Rs 1,000-1,023 per share.
Reliance Capital: Reliance Capital shares cracked 10% despite the company selling its 10.75% stake in Reliance Nippon Life Asset Management Ltd (RNAM) for over Rs 1,450 crore.
Divi’s Laboratories: Shares of Divi's Laboratories rose 4% after the US Food and Drug Administration (USFDA) cleared the company’s Chippada unit in Andhra Pradesh with zero observation.
Lupin: Lupin fell 2.3% after the pharmaceutical company said it is recalling more than 18,000 bottles of an antibiotic drug used to treat bacterial infections from the US market.
DHFL: Dewan Housing Finance Corporation Ltd (DHFL) shares declined 5% even as the company said it paid interest and principal of non-convertible debentures (NCDs) due on 14 June.