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Markets End Lower; Tata Group Stocks Fall On Mistry Exit


Benchmark indices ended the day lower, with Tata Group stocks falling, following the replacement of Cyrus Mistry as the Chairman of Tata Sons.


The Sensex ended the day with losses of 87 points, while the Nifty lost 17 points in trade. Indian Hotels was the hardest hit among the Tata Group stocks and the shares fell more then 3 per cent.

Markets End Lower; Tata Group Stocks Fall On Mistry Exit
Other Tata Group stocks that fell in trade were Tata Global Beverages and Tata Steel, both of which lost more then 2 per cent each. TCS, another Tata group stock, which began the day flat ended the day lower by more than one per cent.

Idea Cellular, which saw its net profits fall, was another stock that dropped in trade. Among the banking stocks, shares in ICICI Bank continued to rally. The stock was up another 2 per cent in trade and has seen a relentless rally in the last one week.

Shares in Adani Enterprises dropped sharply by almost 5 per cent, after the company reported results that lagged estimates.

Among non-index stocks that gained in trade was Nava Bharat Ventures, which rallied almost 4 per cent, after the company said it would sell stake in 2 subsidiaries worth USD 10.15 million.


Shares in HDFC Bank fell, despite the bank reporting a good set of results.
Meanwhile, markets across Asia and Europe rallied, even as the Indian markets fell.

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