Sensex tumbles 1,628.01 points to close at 71,500.76; Nifty plunges 460.35 points to 21,571.95

The company has received additional orders worth ₹339.31 crore since the last disclosure on 26th Dec 2023 and these orders pertain to Combat Management System, Composite Communication System, Transmit / Receive Modules, Mobile Autonomous Stabilization System and other spares / services, said BEL in a filing to the exchanges. Nifty Banks Slides More Than 4%, Biggest Fall Since February 2022.

HDFC Bank Records Worst Day In 3 Years, Falls Over 8% After Earning. HDFC Bank Contributes Over 50% Fall To Both Nifty & Nifty Bank. HDFC Bank Reacts Sharply To Earnings, Erases `1 Lk Cr Market Cap. BSE-listed Cos Erase Market Cap Of `4 Lakh Cr Today. All Sectoral Indices Close In The Red While Volatility Index Surges 11%. Sensex Slides 1,628 Points To 71,501 & Nifty 460 Points To 21,572. Nifty Bank Falls 2,061 Points To 46,064 & Midcap Index 516 Points To 47,152Except Bandhan, All Nifty Bank Constituents End In The Red.

IEX Slides 11% On Power Minister’s Mkt Coupling Comment. Asian Paints Reports Earnings In-Line, Stock Is Down 2%. Pricol Sees Block Deals Of Over 15%, Minda Corp & PE Likely Sellers. IT Stocks See Buying Amid Market Sell-off, Most IT Stocks In The Green. ICICI Lombard Surges After An Improved Showing In Q3, Up 6%. L&T Tech Surges Despite Reporting Below-than-expected Results, Up 4%. Polycab Extends Gains, Closes With A Gain Of 2% Ahead Of Results. Market Breadth Fvaours Declines, Advance-Decline Ratio At 1:3.In what was touted to be a takeover attempt, Minda Corp mentioned that this was only a financial investment and will not fetch them any special rights in Pricol other than those of a normal shareholder.

The management of Pricol had told CNBC-TV18 on February 17 that the promoters have no intention to sell any stake in the company as it is on the path of growth and is doing well. "I definitely do not want to sell. I'm 1,000 percent committed to this business," Mohan said. "Our market share has gone up. We have a very strong order book, zero long term debt, healthy cash profits, capacity, and we know we are on a growth curve. So why would I sell?" he further added. On January 4 this year, India's competition regulator had said that prima facie, the proposed merger by Minda may have adverse on competition and that it intends to conduct further inquiry into the process. Shares of Pricol are off the day's low, currently trading 2% lower at ₹360.70, while those of Minda Corp have surged to the day's high, currently trading 3% higher at ₹395.75.