Tata Communications tumbles

K.S. BADRI NARAYANAN | Updated on June 26, 2011

The European debt crisis continues to cast a shadow over global equity markets. The US stocks fell this week, giving the Standard & Poor's 500 Index its seventh loss in eight weeks. The S&P 500 fell 0.2 per cent and the Dow Jones Industrial Average retreated 0.6 per cent. However, the tech-focussed Nasdaq ended a five-week slide and rallied 1.4 per cent.

Domestic markets, which began last week sharply lower, recovered sharply to post strong gains. The NSE 50-share Nifty rose 1.95 per cent and the BSE Sensex jumped 2 per cent.

Most of the ADRs ended with strong gains despite the Government move to hike diesel and LPG prices. HDFC Bank and ICICI Bank posted modest gains of 3.23 per cent and 1.11 per cent respectively.

Infosys Technologies, which is scheduled to announce its June quarter July 12, gained 1.18 per cent while Wipro moved up 0.64 per cent and Patni Computer gained 0.94 per cent. However, Mahindra Satyam, erstwhile Satyam Computer, declined 2.09 per cent.

However, Tata Communications plummeted 9.13 per cent while Dr. Reddy's Lab, which announced the launch of Levofloxacin tablets, slipped 3.52 per cent. Levofloxacin is associated with an increased risk of tendon problems. These include pain, swelling, inflammation, and possible breakage of tendons.

Tata Motors remained weak and closed the week with a fall of 1.3 per cent.

Internet majors Sify and posted handsome gains of 6 and 18 per cent.

Published on June 26, 2011

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