Opening on a weak note Monday morning, the equities plummeted on fears of major pullout of funds by foreign institutional investors (FIIs) even as worries escalated over recession in the US economy and an overall global slowdown.
The sensitive index of the Bombay Stock Exchange opened sharply lower at 12,284.49 points, against Friday’s close at 12,526.32 points.
The retail stocks too could not escape from the bloodbath at Dalal Street. Vishal Retail was down 4.57 per cent to 240. Adlabs Films lost 12.45 per cent to close at 284.20. Pantaloon Retail was down Rs 13.60 (-5.32 per cent) from its Friday close of Rs 255.60. Indiabulls Retail was below 7.05 per cent to Rs 40.90.
Koutons Retail also joined the league with others. It lost Rs 23.00 (-3.37 per cent) to close at Rs 660.00.
Midway into the trading session, the barometer, 30-share index was ruling below the psychologically-important level of 12,000 points at 11801.70 points, to log a loss of 724.62 points, or 5.78 per cent, over the previous close.
Nifty also ended up losing 215.95 points to close at 3,602.35, below 5.99 per cent.
Each of the scripts that form the basket of Sensex shares were trading in the red, led by Tata Power, down 10.15 pe rcent. Hind Rectifiers lost 49.42 per cent to close at Rs 61, followed by 20 Microns Ltd (-39.45 per cent), GAIL India Ltd (-35.76 per cent), Monnet Ispat & Energy (-32.25 per cent ) and Spice Communications (-30.14 per cent).
— Shailesh Shah