Indian Equity Movers: Derivatives Exclusions, Bharti, Reliance
Stock Chart for Bharti Airtel Ltd (BHARTI)
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of the 3:30 p.m. close in Mumbai.
The BSE India Sensitive Index, or Sensex, retreated 2.6 percent to 15,946.10, an eighth straight day of losses. The BSE200 Index slumped 2.4 percent to 1,934.56, a two-year low.
Derivatives exclusions: Jindal South West Holding Ltd. (SWH IN) sank 11 percent to 445.70 rupees, its lowest close since May 2009, and paced losses among stocks that will be excluded from derivatives trading on the National Stock Exchange of India Ltd. Gitanjali Gems Ltd. (GITG) dropped 1.6 percent to 336.35 rupees and Great Offshore Ltd. (GOFF) plunged 5.6 percent to 98.75 rupees, the lowest close since its 2006 debut.
Bharti Airtel Ltd. (BHARTI) , the nation’s largest mobile-phone operator, lost 2.3 percent to 388.45 rupees, its lowest close since Nov.2. Federal investigators searched the company’s offices, Dharini Mishra, spokeswoman at the Central Bureau of Investigation said Nov. 19 as the agency widens its probe into alleged irregularities in the sale of mobile-phone airwaves dating back to 2001.
Bharti spokesman Prem Subedi denied any wrongdoing on part of the company and said it secured all spectrum blocks as per the government policy.
Reliance Industries Ltd. (RIL) , the nation’s largest company by market value, dropped 2.7 percent to 786.35 rupees, its lowest close since Oct. 5. A Press Trust of India report said yesterday the government is taking action against the explorer for the decline in output from the country’s largest natural gas field.
Reliance hasn’t received any communication from the oil ministry on the matter, Tushar Pania, a Mumbai-based spokesman for the company, said today.
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