At 13:32 IST, the S&P BSE Sensex, was down 985.42 points or 2.56% at 37,485.19. The Nifty 50 index was down 306.7 points or 2.72% at 10,962.30.
Selling was broad based with S&P BSE Mid-Cap index declining 2.47% while the S&P BSE Small-Cap index falling 2.14%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 337 shares rose and 1928 shares fell. A total of 116 shares were unchanged. In Nifty 50 index, 1 stock advanced while 49 stocks declined.
Gainers & Losers:
Dr. Reddy's Laboratories (up 0.5%) was the only stock with gains in Nifty 50 index.
Tata Motors (down 8.51%), IndusInd Bank (down 6.59%) and Tata Steel (down 5.79%) were top losers in Nifty 50 index.
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Stocks in Spotlight:
State Bank of India (SBI) dived 6.4%. SBI said that the matter regarding buying stake in Yes Bank was discussed at the meeting of the central board of the bank on 5 March 2020 and an in-principle approval has been given by the board to explore investment opportunity in the bank.
Shares of Yes Bank were down 58.2% at Rs 15.40. It fell as much 84.94% to its record low level of Rs 5.55 in mid-morning trade. Yes Bank was placed under a "moratorium" late yesterday (5 March 2020), with the Reserve Bank of India (RBI) capping depositor withdrawals at Rs 50,000 per account for a month and superseding the board with immediate effect. RBI assured the depositors of the bank that their interest will be fully protected and there is no need to panic.
Mahindra & Mahindra (M&M) said its production fell 55.96% to 25,643 units in February 2020 from 58,231 units in February 2019. The company reported 43.02% drop in sales to 30,083 units in February 2020 from 52,799 units in February 2019. Exports slumped 40.67% to 1,831 units in February 2020 from 3,086 units in February 2019. Shares of M&M were trading 1.45% lower at Rs 472.3.
Dr Reddy's Laboratories fell 0.75% to Rs 3,156.85 after the US drug regulator issued a Form 483 with three observations to the drug major's API manufacturing plant in Telangana. The pharmaceutical company assured that it will address all three observations comprehensively within the stipulated timeline.
Pharmaceutical major Lupin announced the launch of the authorized generic for Horizon Therapeutics PLC's Vimovo delayed release tablets, (375 mg/20 mg and 500 mg/20 mg) in the United States (US). The product is a combination of naproxen, a non-steroidal anti-inflammatory drug (NSAID), and esomeprazole magnesium. The product decreases the risk of developing naproxen-associated gastric ulcers. Shares of Lupin were trading 1.05% lower at Rs 669.35.
Maruti Suzuki India fell 0.21% to Rs 6,351 after the company's total production dropped 21.31% to 1.40 lakh units in February 2020 from 1.79 lakh units in January 2020. On a year-on-year (Y-o-Y) basis, the company's total passenger vehicles slipped 4.86% in February 2020 over 1.47 lakh units in February 2019.
Global Markets:
Shares in Europe opened in the red while Asian Stocks fell across the board following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown.
In US, stocks closed sharply lower on Thursday as anxieties about the worldwide spread of COVID-19 lingered and concerns about the ability of governments to control the impact of the disease on their economies sent the benchmark US Treasury note yield to a fresh all-time low
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