India’s Bombay Stock Exchange Sensitive Index, or Sensex, fell 231.99, or 1.2 percent, to 19,459.85 at the 3:30 p.m. close in Mumbai. Shares of the following companies had unusual moves in Indian trading and stock symbols are in parentheses.
Abbott India Ltd. (BOOT IN) the local unit of Abbott Laboratories, surged 3.1 percent to 1,474.15 rupees, the highest in at least 19 years, after saying it and Solvay Pharma India Ltd. (DPHI IN) plan to merge. Every two Solvay Pharma shares will entitle investors to three of Abbott India, according to a stock exchange statement. Solvay Pharma declined 11 percent to 2,355.95 rupees.
LIC Housing Finance Ltd. (LICHF IN), the home-loan arm of India’s largest insurer, sank 18 percent to 1,070.2 rupees, the most in at least 16 years. Money Matters Financial Services Ltd. (MOMF IN) dropped 20 percent to 531.15 rupees. The two companies are being probed by India’s Central Bureau of Investigation, Bloomberg-UTV reported today, citing people it didn’t identify.
R.R. Nair, chief executive officer of LIC Housing Finance, and spokesman Sudipto Sil weren’t available for comment. Rajesh Sharma, chairman and managing director of Money Matters, and P. Kandaswamy, CBI joint director in Mumbai, also couldn’t immediately be reached.
Murli Industries Ltd. (MRLI IN) jumped 11 percent to 99.25 rupees. The maker of paper, animal feed and edible oils said it will on Dec. 2 consider spinning off its cement unit.
TVS Motor Co Ltd. (TVSL IN) climbed 9.2 percent to 83.9 rupees, the highest since May 2006. The nation’s third-largest motorcycle maker was rated “buy” in new coverage by Amyn Pirani, an analyst at Deutsche Equities India Pvt., with a 12-month price estimate of 100 rupees per share.