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Blue-chips like Infosys, Reliance Industries and TCS went into a tailspin on the bourses today as investors abandoned their holdings in companies that rely heavily on exports after the US lost its top-notch credit rating.
Reliance Industries, the country’s most valued firm, dropped 3.1 per cent to hit a 52-week low of Rs 767.05 on the BSE.
Among the other major losers, DLF, Tata Motors, Tata Steel, TCS and Infosys fell in the range of 4-7 per cent in the morning trade on the bourses.
Interest rate-sensitive DLF shed 6.54 per cent to trade at Rs 196.50, while Tata Motors plunged 6.18 per cent to quote at Rs 834.50.
TCS and Infosys were trading down by 5.18 per cent and 4.66 per cent, respectively, Tata Steel tumbled 4.84 per cent to Rs 507.
Analysts said all the negative sentiment has dampened investors’ confidence, adding that they are worried about the possible impact on Indian companies due to the continuing uncertainty in the US.
Stocks like Jindal Steel, Bharti airtel, Hindalco and Jaiprakash Associates, too, witnessed heavy selling pressure and fell more than 4 per cent each.
Infosys, RIL, TCS and ICICI Bank were the major dampeners for the Sensex and dragged the barometer down by over 500 points in the morning trade.
Sterlite, HDFC, HDFC Bank, L&T, ICICI Bank, Bajaj Auto, NTPC, BHEL, Maruti, Coal India were also trading with significant losses.
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