Sensex sheds 300 pts; Tata Motors, Cipla, Hindalco slide 3%

Sep 23, 2014, 02.20 PM IST | Source: Moneycontrol.com

Shares of Tata Motors, Cipla and Hindalco Industries topped the selling list, falling 3 percent each followed by ICICI Bank, ONGC, M&M and Coal India with 2-2.5 percent loss.

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Shares of Tata Motors, Cipla and Hindalco Industries topped the selling list, falling 3 percent each followed by ICICI Bank, ONGC, M&M and Coal India with 2-2.5 percent loss.

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Moneycontrol Bureau
Live Market Commentary 02:15pm Tech Mahindra signs deal

Tech Mahindra signed a multi-year long-term contract with Finnish Company Ahlstrom, the fiber-based materials company, in Finland.

"Tech Mahindra has been selected by Ahlstrom to manage its information technology operations," said the company in its filing to BSE, adding approximately 50 Ahlstrom IT employees globally are planned to move to Tech Mahindra under a business transfer agreement.

In an interview to CNBC-TV18, Rajesh Chandiramani, head of sales for Continental Europe at Tech Mahindra, said the deal size exceeds USD 50 million.

Under the agreement, Tech Mahindra has got into a 5-year contract, along with a 2-year extension, with Ahlstrom. Chandiramani said the company may see some pressure on margins on the back of deal.

02:00pm Market Check

The market extended losses in afternoon trade with the Sensex falling 314.74 points or 1.16 percent to 26892 and the Nifty declining 89.95 points or 1.10 percent to 8056.35. The broader markets dropped too with the BSE Midcap and Smallcap indices losing 1.3 percent and 1.6 percent, respectively.

Declining shares outnumbered advancing ones by a ratio of 2006 to 859 on the Bombay Stock Exchange.

Shares of Tata Motors, Cipla and Hindalco Industries topped the selling list, falling 3 percent each followed by ICICI Bank, ONGC, M&M and Coal India with 2-2.5 percent loss.

Reliance Industries, Larsen and Toubro, HDFC, HDFC Bank, Axis Bank, Bharti Airtel, Tata Steel and Gail India were down 1-1.8 percent. However, Hindustan Unilever, ITC, Wipro, Maruti Suzuki, Hero Motocorp, NTPC and Dr Reddy's Labs bucked the trend, up 0.2-1 percent.