Among the worst performers today were banking stocks including Kotak Mahindra, ICICI Bank and State Bank of India. There are ongoing fears that the RBI may not effect successive repo rates hikes in the current year, which led to some selling in banking stocks.
Ambiguity on the General Anti-Avoidance Rule (GAAR) law also weighed down on markets. Among the other shares that lost today included Jaiprakash Associates, Cairn India, Reliance Power and Kotak Mahindra.
IVRCL ended the day marginally lower after rallying in opening trades on reports of the Essel group picking up a stake in the company.