Business | Markets
Channel Sponsor
Sensex sheds over 2% as Satyam slides 13%
Indian shares fell 2.4 per cent on Tuesday to their lowest close in more than a week, as global economic uncertainties and concerns about corporate earnings triggered a flight from risky assets.
- Reuters
- Published: 23:42 December 23, 2008
Mumbai: Indian shares fell 2.4 per cent on Tuesday to their lowest close in more than a week, as global economic uncertainties and concerns about corporate earnings triggered a flight from risky assets.
Leading construction and engineering company Larsen and Toubro dropped 4.9 per cent to Rs774.85 on concerns that investments on highways, airports, multiplexes and ports would slow down, traders said.
Top petrochemicals maker Reliance Industries fell 1.9 per cent to Rs260.05, its lowest since December 12 and taking its losses for the year to 54.7 per cent.
Brokerage Religare Capital Markets said Reliance's refinery business was likely to be adversely impacted by the falling trend in the margins due to lower crude.
Shares in Satyam Computer, which have been sagging after a botched management move into the construction industry, fell 13.55 per cent to Rs140.40 on a media report the World Bank had barred the outsourcing firm from the bank's business.
After the market closed, a spokesman for the World Bank, New Delhi, confirmed the report by Fox News.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Media baron Murdoch cries foul
Murdoch's suggestion of content theft infuriates digital evangelists
-
Jobs vital to global recovery
Higher unemployment reduces purchasing power and revenues
-
Abulhoul Aviation to begin operations
New charter company will use Cessna 206 Station Air to transport tourists
