India Equities: Indian Banks, Educomp, HCL Infosystems, Panacea
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.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, declined 2.2 percent to 16,469.79. The BSE200 Index fell 2.2 percent to 2,038.45.
Indian Banks: Indian bank stocks dropped on speculation the central bank may raise interest rates for a 12th time since March 2010 to combat inflation, threatening company earnings.
ICICI Bank Ltd. (ICICIBC) , India’s second-largest bank, lost 5.1 percent to 863.8 rupees. Axis Bank Ltd. (AXSB) , sank 5.2 percent. State Bank of India (SBIN) Ltd, the county’s largest lender, fell 4.2 percent to 2,078.4 rupees.
Educomp Solutions Ltd. (EDSL) , the computer trainer, tumbled 8.8 percent to 234.8 rupees, its lowest since April 2007, after ET Now television reported the company’s offices were searched by income-tax authorities. Two calls made to the mobile phone of Chairman and Managing Director Shantanu Prakash weren’t answered.
HCL Infosystems Ltd. (HCLI) dropped 9.7 percent to 67.05 rupees, the worst loss since February 2009. The Indian computer maker reported fourth-quarter profit fell to 114.8 million rupees ($2.5 million) from 672.3 million rupees a year ago, the company said in a statement to the Bombay Stock Exchange yesterday.
Panacea Biotec Ltd. (PNCB) plunged 19.5 percent to 144.8 rupees, the most since Oct. 2008. The World Health Organisation has delisted the company’s diphtheria-pertussis-tetanus-based combination and hepatitis-B vaccines from its list of pre- qualified medicines, the Indian company said in a release to the Bombay Stock Exchange yesterday. Current batches that have already been distributed are safe and will not be recalled.
To contact the reporters on this story: Hemal Savai in Mumbai at at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org