Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Complaints made against the top two executives of IT major, Infosys, dragged the indices lower on Tuesday afternoon to its biggest one-day fall in over six years. Infosys shares closed on 16.21 per cent lower at Rs. 643.30 on the BSE.
Some anonymous employees of the IT giant alleged its CEO Salil Parekh and CFO Nilanjan Roy of conducting some corporate malpractices. Their 2-page letter addressed to the company’s board brought Infosys’ shares under the radar, resulting in record-collapse of the market.
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BSE Sensex ended witnessed a fall of 334.54 points or 0.85 percent at 38,963.84.
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ICICI Bank (3.06 per cent), Coal India (1.38 per cent), Sun Pharma (1.10 per cent), Bajaj Auto (1.04 per cent), and HUL (1.02 per cent) with the top gainers.
Whereas, in the top drags Infosys was followed by Tata Motors (3.51 per cent), Bharti Airtel (3.24 per cent), HCL Tech (2.87 per cent) and Bajaj Finance (2.56 per cent).
On the other hand, Nifty closed 73.50 points lower or 0.63 percent at 11,588.40.
(With input from agencies)
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