Sensex Plunges 1300 Points As Yes Bank, Coronavirus Weigh

Benchmark indices plunged in trade, weighed down by fresh infections of Coronavirus and a crisis emerging at Yes Bank.

Weak cues from across the globe, where most Asian markets were trading 2 per cent lower and fresh selling in the US Dow Futures compounded worries. The Sensex dropped almost 3.2 per cent in trade or a staggering 1300 points, while the Nifty dropped a mammoth 371 points in trade and was below the 10,900 points mark. Overnight the US Dow Jones lost almost 3 per cent, bogged down by coronavirus infections.

All of the stocks from the Nifty pack were trading lower, with metals being the weakest segment. Yes Bank shares fell a mammoth 44 per cent, after the RBI imposed a month-long moratorium on withdrawals and expects to arrive at a credible restructuring plan in the next few days. Apart from Yes Bank, the other big losers were Tata Motors, IndusInd Bank, Tata Steel and SBI.

Shares in Lupin were trading lower despite the pharma major on Thursday said it has launched its generic version of Vimovo tablets, used for relief from arthritis, in the US market.

Shares in Apollo Tyres fell after the company said it will cut 750 jobs at its plant in the Netherlands over a period of two years in order to have a "sustainable business" and focus on producing only high-value tyres.

All of the bluechip heavyweight stocks like Reliance Industries and HDFC Bank too lost ground in trade. The Sensex has now hit a new 6-month low.

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