Indian Equities: Steel Producers, Axis Bank, Pipavav Shipyard
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. local time.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 2.2 percent to 16,501.74. The BSE200 Index retreated 2.2 percent to 2,043.76.
Steel Producers: Tata Steel Ltd. (TATA) dropped 4.6 percent to 454.85 rupees, the most in more than two weeks. While Steel Authority of India Ltd. (SAIL) , JSW Steel Ltd. (JSTL) and Jindal Steel & Power Ltd. (JSP) , the nation’s top producers, extended declines for the second day in Mumbai after the government halved its demand forecast. Steel Authority fell 3.7 percent to 107.95 rupees; JSW Steel Ltd. sank 4.5 percent to 656.4 rupees and Jindal Steel & Power Ltd. declined 3.2 percent to 521.65 rupees.
Axis Bank Ltd. (AXSB) slumped 4.7 percent to 1,051.55 rupees, the most in since Aug. 18. The Business Standard reported the Reserve Bank of India has approved the lender’s revised plan to acquire the brokerage and investment-banking businesses of Enam Securities Pvt. Axis Bank’s unit, Axis Securities & Sales, may pay cash to the bank before merging Enam’s businesses, the newspaper reported.
Jain Irrigation Systems Ltd. (JI) climbed 2.9 percent to 175.25 rupees, the most in three weeks. The world’s second- biggest maker of irrigation products plans to announce a venture with the Indian unit of Coca-Cola Co. on Sept. 14, according to an e-mailed invite to a press conference.
Karnataka Bank Ltd. (KBL) dropped 3.5 percent to 93.85 rupees, the most since Aug. 19. The lender has been fined 500,000 rupees by the Reserve Bank of India for violating norms on derivatives, according to an e-mailed statement from the central bank.
Pipavav Shipyard Ltd. (PIPV) surged by a record 12 percent to 91.15 rupees. India’s biggest shipbuilder by market value said it would form a venture with a state-owned company to build warships.
Tata Motors Ltd. (TTMT) tumbled 4.3 percent to 146.35 rupees, the most in more than three weeks. The group’s Chief Executive Officer Carl-Peter Forster resigned with immediate effect because of “unavoidable personal circumstances,” according to an e-mailed statement.
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