Indian Equities: Reliance Infrastructure, Punj Lloyd, DB Realty
India’s Bombay Stock Exchange Sensitive Index, or Sensex, fell 182.93, or 1 percent, to 17,592.77, at the 3:30 p.m. close in Mumbai, the lowest level since July. Shares of the following companies had unusual moves in Indian trading and stock symbols are in parentheses.
Anil Ambani group companies Reliance Infrastructure Ltd. (RELI IN), the builder of a mass rapid transit system in Mumbai, Reliance Communications Ltd. (RCOM IN), Reliance Power Ltd. (RPWR IN) and Reliance Capital (RCAPT IN) tumbled after NDTV- Profit reported that India’s top accounting body sought information from Reliance Power and Reliance Infrastructure.
Reliance Infrastructure lost 19 percent to 531.7 rupees, Reliance Communications fell 14 percent to 94.65 rupees, Reliance Power dropped 9.6 percent to 112.2 rupees, while Reliance Capital slid 14 percent to 412.15 rupees.
DB Realty Ltd. (DBRL IN) fell 4.8 percent to 130.1 rupees, the lowest since the stock commenced trading a year ago. The developer’s Managing Director Shahid Balwa was arrested by federal investigators in a probe related to the 2008 sale of second-generation mobile phone airwaves, said Binita Thakur, a spokeswoman for the Central Bureau of Investigation. The executive was “wrongly implicated,” according to a company statement on the Bombay Stock Exchange.
Everonn Education Ltd. (EEDU IN) gained 4 percent to 500.3 rupees, the most since Jan. 18. Net income jumped 66 percent to 216.2 million rupees ($4.8 million) in the three months ended Dec. 31, Everonn, which offers educational and training services, told the Bombay Stock Exchange yesterday.
Lanco Infratech Ltd. (LANCI IN) plunged 13 percent to 32.95 rupees, the lowest since July 2009. The price estimate of the energy and infrastructure company was cut to 65 rupees a share from 83 rupees per share by Credit Suisse Group AG.
Lumax Industries Ltd. (LUMX IN) lost 2.4 percent to 360 rupees. The maker of automobile lighting systems had about 524,950 shares, or 5.6 percent of its equity, change hands in a single transaction on the Bombay Stock Exchange, according to data on Bloomberg. Buyers and sellers weren’t immediately known.
Pantaloon Retail India Ltd. (PF IN) fell 9.8 percent to 245.7 rupees, the lowest price since May 2009. The nation’s largest publicly traded retailer by market value was lowered to “hold” by Harrish Zaveri, an analyst at Deutsche Bank AG.
Punj Lloyd Ltd. (PUNJ IN) sank 13 percent to 68.45 rupees, the lowest level since its listing in 2006. The share-price estimate of the engineering and construction company was cut to 69 rupees per shares from 99 rupees at BNP Paribas SA.
Texmaco Ltd. (TXM IN) fell 1.5 percent to 37.2 rupees, the lowest since March 2009. The maker of railway wagons and equipment reported an 83 percent drop in third-quarter profit, according to its statement to the Bombay Stock Exchange.
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