Stock fall 2% in Red for Fourth consecutive Day

India stock indices suffered their biggest one-day loss in seven months on Monday dragged down by heavy weight reliance industries Ltd after the oil to Telecom conglomerate put a stake sale to Saudi Aramco on the back burner.

The rupee weakened against the dollar as talk of a faster pace of bond tapering by the us federal reserve led to a global strengthening of the greenback. A continuation of the slide in digital payments giant payment’s share also weighed on the market. The stock has lost 37% in two days following its listing after a record-setting initial public offering (IPO) earlier this month.

Ending down for the fourth straight day, Indian indices slumped the most among Asian markets.

The Sensex fell 1,170.12 points or 2% to close at 58,465.89 and the Nifty slipped 348.25 points or 2% to close at 17, 416.55.out of 30.

Sensex stocks, 27 ended in the red with losses being led by the Bajaj twins .. Bajaj Finance and Bajaj Finserv.

which fell5.7%and 4.7%, respectively reliance was the third –biggest casualty on the Index, losing over 4%. foreign portfolio investors (FPIs) sold Indian shares worth a net Rs. 3,428.76 crores on Monday while domestic institutional investors (DIIs) bought equities worth Rs. 2,051.18 crores.

‘There are US taper tantrum-related worries and disappointment over recent IPOs’ performance”, said Nilesh shah, managing director, Kotak Mahindra Asset Management Co. ‘the market is catching up on valuation in segments where stock have run up a lot

“The announcement that the new farm laws will be repealed has also dented sentiment among investors. S-ET

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