Indian equities slide further on weak global cues

September 16th, 2008 - 1:01 pm ICT by IANS  

SensexMumbai, Sep 16 (IANS) A day after the mayhem in global stock markets following the bankruptcy filing by Lehman Bros and Merrill Lynch’s takeover announcement by Bank of America, equities continued to slide in Indian bourses.Fears of a much higher impact on future valuations of domestic stocks where the two financial powerhouses have stakes and large scale off-loading by foreign institutional investors contributed to the losses, analysts maintained.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 362.30 points, or 2.68 percent, at 13,168.97 points an hour after trading opened, with only Tata Motors managing to stay afloat among the 30 shares that constitute the benchmark index.

The index had dipped close to 470 points Monday.

Even the broader CNK S&P Nifty was down 2.51 percent at 3,970.80 points.

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