“Funds tracking this MSCI index would have sold the stocks today,” Chirag Dagli, vice president of research at ICICI Securities Ltd. in Mumbai, said in a phone interview.
Glenmark fell 9.9 percent to 251.3 rupees at the 3:30 p.m. close in Mumbai, the steepest decline since Aug. 19 2009. Jain Irrigation declined 7.3 percent to 182.95 rupees. Thermax, a power equipment maker, retreated 7.3 percent to 556.15 rupees. The Bombay Stock Exchange’s Sensitive index rose 0.7 percent.
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