Indian stock market is reeling under the coronavirus scare as Dalal Street plunged over 11 percent intraday on March 23. At 13:47 hrs IST, the Sensex is down 3,457.45 points or 11.56 percent at 26458.51, and the Nifty plunged 982.75 points or 11.24 percent at 7762.70.
Among the sectors, Bnak Nifty crashed over 15 percent dragged by Axis Bank and IndusInd Bank which plunged 23-24 percent followed by ICICI bank, State Bank of India, HDFC Bank and Kotak Mahindra Bank.
The auto index shed over 12 percent, with the top losers being Ashok Leyland which tumbled 20 percent followed by Maruti Suzuki, Motherson Sumi Systems, Bajaj Auto, Hero MotoCorp and Tata Motors.
Bajaj Auto is preparing itself for an eight-week halt, its MD and CEO Rajiv Bajaj told CNBC-TV18. The auto major’s plants at Akurdi, Chakan, Aurangabad and Pantnagar will shut from March 23 as ‘safety of our employees is paramount’, Bajaj said.
Maruti Suzuki India said it was suspending production at its facilities in Haryana till further notice. The company’s research and development centre at Rohtak would also remain closed, it said. “As a next step, the government policy now requires closure of production and, accordingly, the company has taken a decision on production closure,” the company said.
The stocks which moved the most with respect to volumes included Vodafone Idea which was down over 7 percent. It was trading with volumes of 29,901,580 shares, compared to its five day average of 113,156,410 shares, a decrease of -73.58 percent. Share price of YES Bank was down over 8 percent, hitting lower circuit of Rs 41.35 per share. The stock was trading with volumes of 7,511,693 shares, compared to its five day average of 22,018,909 shares, a decrease of -65.89 percent.
Share price of Ashok Leyland tanked over 20 percent intraday on March 23 hitting lower circuit of Rs 35.15 per share. There were pending sell orders of 3,896 shares, with no buyers available. It was trading with volumes of 1,644,383 shares, compared to its five day average of 1,937,268 shares, a decrease of -15.12 percent.
PSU banking major State Bank of India share price cracked over 12 percent and was one of the worst hit stock. It was trading with volumes of 2,979,222 shares, compared to its five day average of 4,528,063 shares, a decrease of -34.21 percent. It traded on new 52-week low value of Rs 183.05 per share.
1,140 stocks have hit new 52-week low on BSE including names like M&M Financial, Axis Bank, Max Financial, Bandhan Bank, IndusInd Bank, NIIT Tech, Bajaj Finserv, JSW Steel, Bajaj Finance, Canara Bank and Larsen & Toubro.
690 stocks have hit lower circuit on BSE including names like Future Retail, Vakrangee, Tata Motors, Motherson Sumi, IRCTC and Avenue Supermarts among others.
India VIX is up 7.68 percent and is trading at 72.25 level.
About 191 shares have advanced, 1886 shares declined, and 106 shares are unchanged.
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