Shares of eight companies which have a substantial business presence in the UK and Europe dropped by 2.69% to 8.86% at 14:00 IST on BSE after referendum outcome showed Britain has voted for exit from the European Union.
Meanwhile, the S&P BSE Sensex was off 783.68 points or 2.90% at 26,218.54. Global stocks slumped after results from the UK's referendum on its European Union (EU) membership, dubbed "Brexit", showed the country had voted to leave the trading bloc.
Shares of many non index constituents having a significant presence to Europe dropped on fear that Britain's exit from the EU could destabilize the trade bloc and could adversely impact revenue from the region. Apollo Tyres (down 2.69%), Bharat Forge (down 2.81%), KPR Mill (down 3.41%), Motherson Sumi Systems (down 8.86%), Tata Global Beverages (down 3.04%), Hindalco Industries (down 5.73%), Torrent Pharma (down 3.01%) and Wockhardt (down 3.5%) declined.
Britain has been a member of the trading bloc since 1973. Voting in the referendum was concluded in a single day yesterday, 23 June 2016 and results of referendum were announced today, 24 June 2016.
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