Sensex Ends Lower; Infibeam Crashes 70%

Indian share markets ended marginally lower on Friday, weighed down by automobile and information technology (IT) stocks. At the closing bell, BSE Sensex ended down by 97 points, while, NSE Nifty ended down by 47 points.

Except energy stocks and bank stocks, all sectoral indices ended the day in red with metal stocks and realty stocks falling over 5%.

Globally, Asian stock markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.4% while China’s Shanghai Composite is up 1.1% and Hong Kong’s Hang Seng is up 0.1%. European markets are lower today with shares in Germany off the most. The DAX is down 0.6% while France’s CAC 40 is off 0.3% and London’s FTSE 100 is flat.

The rupee was trading at Rs 72.56 against the in the afternoon session.

Infibeam Avenues share price was in focus today. Share of the company tumbled more than 57% today ahead of the company’s annual general meeting (AGM) on Saturday.

In response, the company in voluntary clarification to BSE said it had always provided timely information and clarifications as sought by the stock Exchanges.

As per the news, rumors doing the rounds were that the company had advanced an interest-free loan to a subsidiary, which has negative net assets. In recent times, it also allegedly classified a co-founder as non-promoter.

The stock of the company ended the day down by 70.2% on the BSE today.

From the banking space, Yes Bank share price was also in focus today. Shares of the bank continued their downfall seen during the morning hours today and went on to trade as low as 16% on the BSE.

The RBI last week curtailed the three-year term that the board had sought for Rana Kapoor, also one of the promoters of the bank, to January 31, 2019, and asked the bank to find a replacement.

In the news from the IPO space, Garden Reach Shipbuilders and Engineers, which opened its issue for subscription this week, was subscribed 72% on its fourth day of the bidding process yesterday.