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India Equity: National Aluminium, GTL, Reliance Power, SpiceJet

The following companies had unusual price changes in India trading. Stock symbols are in parentheses and prices are as of the 3:30 p.m. close in Mumbai.

The Bombay Stock Exchange Sensitive Index, or Sensex, slid 363.9, or 2 percent, to 17,506.63, the lowest closing level in more than four months. The BSE200 Index fell 2.1 percent to 2,179.38.

Sensex changes: Reliance Communications Ltd. (RCOM IN) plunged 7.9 percent to 87.65 rupees and Reliance Infrastructure Ltd. (RELI IN) slumped 6.2 percent to 544.95 rupees, both declining the most since Feb. 9. The Anil Ambani Group companies will be replaced on the benchmark gauge by Coal India Ltd. (COAL IN) and Sun Pharmaceutical Industries Ltd. (SUNP IN) from Aug. 8, according to an e-mailed statement from the Bombay Stock Exchange on June 17. Coal India was unchanged at 395.6 rupees and Sun Pharmaceutical declined 0.2 percent to 476.75 rupees.

GTL Ltd. (GTS IN), which manages telecommunication equipment for mobile-phone companies, sank by a record 62 percent to 127.95 rupees, and group company GTL Infrastructure Ltd. (GTLI IN) tumbled by a record 43 percent to 16.95 rupees. The drop was due to “speculative activity” by local investors, founder and Chairman Manoj Tirodkar said today.

National Aluminium Co. (NACL IN) slid 3.4 percent to 84.2 rupees, the steepest decline in more than three months. The company cut prices on all products, save one, by 5,000 rupees a metric ton starting June 17, according to an e-mailed statement.

Reliance Power Ltd. (RPWR IN) dropped 4.4 percent to 110.25 rupees, the lowest close since May 26. The Anil Ambani Group company’s 4,000-megawatt power project in Krishnapatnam in Andhra Pradesh state faces roadblocks partly because of new Indonesian laws requiring coal to be sold at market prices, the Press Trust of India reported, without saying where it got the information.

Indonesian coal mines previously had the freedom to reach bilateral agreements on coal prices with buyers, the report said. Other issues affecting the project include soil quality and land disputes, the report said.

SpiceJet Ltd. (SJET IN) tumbled 10.5 percent to 29.3 rupees, the lowest price since September 2009. Indian billionaire Kalanithi Maran’s KAL Airways Pvt. pledged 20.7 million additional shares in SpiceJet, the nation’s only listed low-cost carrier, on June 3, according to an exchange filing on June 17.

KAL has now pledged 90.97 million shares, or 58.12 percent of its total holding in the airline, according to SpiceJet.

Tata Consultancy Services Ltd. (TCS IN) fell 3.6 percent to 1,069.3 rupees, the lowest level in almost three months. The nation’s largest software services provider has been ordered to pay 6.56 billion rupees in taxes for the assessment year 2007-2008 after India’s income-tax office disallowed some of its claims, the Financial Express reported June 18, citing unidentified sources.

The tax office disallowed TCS’ claims on items including state taxes paid overseas and software expenses claimed as revenue expenditure, the newspaper reported.

Tata Consultancy declined to comment on the report.

Tata Motors Ltd. (TTMT IN) sank 5.1 percent to 931 rupees on concerns the company plans to sell debt to fund expansion amid signs the global economy is slowing. The cost of protecting Tata’s notes using credit-default swaps for five years fell by the most since March 2009, data compiled by Bloomberg show.

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