Deals
Brokers Trounced as Volume Drop Spurs HSBC Exit: Corporate India
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The S&P BSE Sensex index’s rally to an all-time high is giving Magnum Equity Broking Ltd.’s Nilesh Karani little reason to cheer.
The 45-year-old broker has shut more than 60 percent of Magnum Equity’s branches after client orders shrank to 10 percent of their level four years ago. His listed rivals, including Motilal Oswal Financial Services Ltd. and India Infoline Ltd., have lost 30 percent of their value on average in Mumbai trading this year, lagging behind the Sensex by the widest margin since at least 2008.