Smith was one of the few actors to win the treble of an Oscar, Emmy, and Tony
Reliance, the nation’s most valuable company, dropped 5.1 per cent and ICICI, the No. 2 lender, fell 5.2 per cent. Ranbaxy Laboratories Ltd. slumped 9.4 per cent to the lowest in 7 1/2 years on reports Australia’s regulator is reviewing some of its drugs. Stocks fell even after the central bank yesterday cut interest rates to a record low.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, sank 248.57, or 2.9 per cent, to 8,197.92, its lowest close since November 2005.
Five stocks declined for every one that rose in the index. The BSE 200 Index dropped 2.6 per cent to 972.15. S&P CNX Nifty futures for March delivery slid 2.8 per cent to 2,556.
The S&P CNX Nifty Index on the National Stock Exchange lost 2.6 per cent to 2,576.70.
“Markets had expected the rate cut, so it wasn’t a surprise,” said Shashank Khade, who helps manage $400 million at Kotak Securities Ltd. in Mumbai. “The fear now is that governments are running out of measures that they can use to stimulate economies.”
Reliance fell 5.1 per cent to Rs1,149.80. ICICI, the No. 2 lender, slid 5.2 per cent to Rs270.05, its lowest since September 2004. The two account for about 21 per cent of the Sensex’s weighting.
Ranbaxy, the largest drugmaker, fell 9.4 per cent to Rs144.05, its lowest since July 2001. Overseas investors sold a net Rs6.46 billion ($125 million) of Indian stocks on March 3, according to the nation’s market regulator.
Hindalco Industries Ltd. retreated 2.6 per cent to Rs37.60. India’s biggest aluminum producer will close an aluminum sheet mill in Rogerstone, Wales, after orders fell. The closure will affect 440 jobs, the company’s Novelis unit said in a statement. The mill will cease operations by the end of April, it said.
Hindustan Unilever Ltd. dropped 4.4 per cent to Rs230.15, its lowest since October 31. The nation’s biggest household products maker fell after JPMorgan Chase & Co. cut its stock rating to “underweight” from “neutral,”
citing weakening growth and increasing competition.
Satyam Computer Services Ltd. fell 7.4 per cent to Rs35.10, its lowest since January 22. International Business Machines Corp. has begun talks to acquire Satyam Computer Services Ltd., the Business Standard reported today, citing unidentified people familiar with the situation.
Prashanth Balarama, a Bangalore-based spokesman for IBM said the company doesn’t comment on “rumours and speculation.” Sridhar Maturi, a Hyderabad-based spokesman for Satyam, declined to comment
on the report.
Tata Power Co. declined 4.8 per cent to Rs640.30, its lowest since November 21. India’s biggest electricity generator said yesterday if coal prices remain below $60-$65 for the next 6 months it may put pressure on the servicing of loans taken at its investment subsidiary level for the acquisition of stakes in Indonesian coal mines.
Smith was one of the few actors to win the treble of an Oscar, Emmy, and Tony
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