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Sensex Tumbles 600 Points; DHFL, Maruti, Coffee Day, ITC, RIL Among Major Losers

Representative image

Representative image

Global stocks extended losses after China vowed to retaliate against US President Donald Trump’s decision to impose 10% tariffs on the remaining $300 million of imports from China which were not already subject to levies.

Indian stock markets opened sharply lower on Monday, i.e. August 5, on negative global cues. At 10.11 am, the S&P BSE Sensex was trading lower by 565 points, or 1.5%, to 36,553, after falling over 650 points in intraday trade. Meanwhile, the Nifty 50 index was down 171.60 points, or 1.6%, to 10,825.75.

Global stocks extended losses after China vowed to retaliate against US President Donald Trump’s decision to impose 10% tariffs on the remaining $300 million of imports from China which were not already subject to levies. Back home,

DHFL: Dewan Housing Finance Corp. Ltd (DHFL) shares dived as much as 10% on reports that Deloitte has quit as the auditor of the cash-strapped company. According to reports, communication regarding the same has been sent to the corporate affairs ministry.

Maruti Suzuki: Maruti Suzuki India Ltd shares fell around 3% after the car maker said it had cut the number of its temporary workers by over 1,000 to cope with a slowdown in auto sales

ITC: ITC Ltd shares dropped over 2% after the company said profit rose 12.6% to Rs 3,173.9 crore in the June quarter versus Rs 2,828.7 crore a year ago, while revenue increased 5.8% to Rs 11,502.8 crore versus Rs 10,874.6 crore.

Coffee Day Enterprises: Coffee Day Enterprises Ltd shares continued their downward spiral, falling by another 10%. The board postponed company’s April-June quarter earnings. It was scheduled to report earnings on 8 August. In addition, Sulakshana Raghavan resigned as independent director for personal reasons. The stock has crashed nearly 53% in the last one week.

Reliance Industries: Reliance Industries Ltd (RIL) shares declined 4% after subsidiary Reliance Industrial Investments and Holdings entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd. (Shopsense or Fynd), the software technology company, for a cash consideration not exceeding Rs 295.25 crore.

Jammu and Kashmir Bank: Jammu and Kashmir Bank Ltd shares slid over 8% after profit fell 58.4% to Rs 21.9 crore in the June quarter versus Rs 52.6 crore a year. The stock, however, later pared losses to trade nearly 3% lower.

Nestle India: Nestle India Ltd shares jumped 4.7% as profit rose 10.8% to Rs 437.8 crore in the June quarter versus Rs 395 crore a year ago, while revenue increased 11.2% to Rs 3,000 crore versus Rs 2,698.4 crore.

Jet Airways: Jet Airways India Ltd shares gained 5% after the Expression of Interest (EoI) submission deadline was extended to 10 August.

first published:August 05, 2019, 10:43 IST