The Indian benchmark indices have extended the morning loses and has been trading close to a percent in the red with the Nifty50 falling 100 points, trading at 10969 while the Sensex was down 332 points and was trading at 36638 mark.
Nifty Auto plunged over 3 percent dragged by Tata Motors which cracked 17 percent after brokerage firms such as Axis Capital and Motilal Oswal downgraded the stock post December quarter results which were impacted by an exceptional item of asset impairment of Rs 27,838 crore.
The company had reported a profit of Rs 1,214.6 crore in the same quarter last fiscal. The company's consolidated revenue was at Rs 77,001 crore while operating profit was at Rs 6,522 crore.
The other losers were Tata Motors DVR, Eicher Motors, MRF and Motherson Sumi Systems.
Metal stocks were also trading lower with loses from Jindal Steel and Power, JSW Steel, SAIL, Tata Steel and Vedanta.
206 stocks have hit new 52-week low on the NSE including names like Tata Motors, Tata Motors DVR, IL&FS Transport, Rolta India, Kwality, Punj Lloyd, ABG Shipyard, MRF, Mercator, Dena Bank, Aban Offshore, Emami and GMDC among others.
From the BSE, 247 stocks have hit fresh 52-week low including names like Tata Motors, Tata Motors DVR, Chennai, Petro, India Cements, Kwality, Rolta India, Siti Networks, Motherson Sumi, Punj Lloyd, Indiabulls Housing Finance, Unitech, 3i Infotech, Balkrishna Industries, Uflex and NTPC among others.
The top gainers from NSE included Bharti Infratel, Kotak Mahindra Bank, BPCL and HDFC Bank while the top losers included Tata Motors, Grasim Industries, Indiabulls Housing Finance, Vedanta and Eicher Motors.
The most active stocks were Tata Motors, Reliance Infra, Reliance Industries, Reliance Capital and Indiabulls Housing Finance.
The breadth of the market favoured the declines with 574 stocks advancing and 1128 declining while 361 remained unchanged. On the BSE, 830 stocks advanced, 1432 declined and 125 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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