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Sensex Slides 11 Per Cent, Most in Over Four Years

MUMBAI - The benchmark Bombay Stock Exchange Sensitive Index, or Sensex, plunged 11 per cent to 8,701.07 on October 24, the most since May 17, 2004.

The S&P CNX Nifty Index on the National Stock Exchange slumped 12 per cent to 2,584.

The BSE 200 Index declined 11 per cent to 1,037.80. SGX Nifty futures for October delivery added 0.7 per cent to 2,545 on the Singapore exchange yesterday.

Overseas funds sold a net Rs3.47 billion ($69 million) of Indian equities on October 23, increasing outflows from stocks this year to more than $12.1 billion, the country’s market regulator said.

The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close.

Bharat Forge Ltd.: The automobile-parts maker reported second-quarter profit fell 95 per cent after it compensated a customer for failing to deliver products on time and because of foreign exchange-related losses.

Net income fell to Rs41.4 million the company said. Sales increased 29 per cent to Rs13.6 billion. The shares fell Rs18.50, or 15 per cent, to 101.50.

Grasim Industries Ltd. (GRASIM IN): The country’s third-biggest cement maker said it will cut production of viscose- staple fibre due to the global economic slowdown and accelerating inflation.

Production of the synthetic fibre will be reduced by about 30 per cent at two factories in the central state of Madhya Pradesh and western Gujarat, the company said. Grasim fell Rs146.35, or 12 per cent, to 1,033.70.