Benchmark indices came crashing down in the last 1 hour of trade, as geo-political tensions and the ban on shell companies weighed. It was after a long time we saw the Nifty crack by almost 90 points, as sentiments took a turn for the worse. It was also the fifth straight day of losses for the Nifty and the Sensex.
The large part of the dip could be attributed to a fall in the stock of Tata Motors, which ended the day lower by almost 8 per cent, while the Tata Motors DVR dropped a huge 9 per cent in trade. Bank of Baroda, Eicher Motors and Gail saw the biggest losses of almost 4 per cent each.
However, it was the midcap space that saw some relentless selling pressure with the index at one stage dropping almost 4 per cent in trade. Adani Power lost a huge 9 per cent from the space, while Jaiprakash Associates dropped as much as 10 per cent.
Pharma stocks where there has been price damage continued their downslide. Dr Reddy's fell 5 per cent after the company said that the Bachupally manufacturing unit (in Hyderabad) is not renewed by German regulator post inspection.
Shares in Aurobindo Pharma, which rallied by almost 5 per cent in the morning, gave up all gains to end the day flat.
Markets are expected to continue to remain volatile on Friday as well.