India Equity: GMR, Reliance Communications, Sun TV, SpiceJet
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. close in Mumbai.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 114.63, or 0.6 percent, to 18,494.18, the steepest decline in more than a week. The BSE 200 Index decreased 0.7 percent to 2,297.44.
Anil Ambani’s Companies: Reliance Communications Ltd. (RCOM) and Reliance Infrastructure Ltd. (RELI) , controlled by Anil Ambani dropped after CNBC TV-18 television network reported that a court may rule on a plea to investigate the billionaire today. The mobile-phone operator slid 4.3 percent to 89.95 rupees, the steepest since May 5 and Reliance Infrastructure, an electricity generator and distributor, decreased 4.7 percent to 552.35 rupees, the biggest fall since Feb. 18.
An Indian court rejected pleas seeking to probe Ambani related to the 2008 sale of mobile phone licenses. The verdict was announced after the markets closed.
Sun TV Network Ltd. (SUNTV) and SpiceJet Ltd. (SJET) plunged on report India’s federal investigator is probing an investment by Malaysia’s Maxis Group into a business run by the Marans, whose family controls the broadcaster and the discount carrier. Sun TV tumbled by a record 28 percent to 272.55 rupees and the carrier sank 16 percent to 34.5 rupees, the steepest decline in almost five years.
GMR Infrastructure Ltd. (GMRI) slid 4.1 percent to 33.2 rupees, the lowest price since Feb. 9. A court in New Delhi ordered Delhi International Airport Pvt. to avoid charging passengers for development fees until further notice, according to an e-mailed statement by GMR Group, which partly owns the airport.
Kohinoor Foods Ltd. (KFL) surged 15 percent to 61.7 rupees, the highest level in more than six months. McCormick & Co., a U.S.-based maker of specialty food products, has signed an agreement to form a venture with Kohinoor Foods to sell its basmati rice and food products in India, according to a statement.
Pidilite Industries Ltd. (PIDI) rose 3.2 percent to 159.4 rupees, the highest close in more than a month after India’s biggest producer of adhesives said it secured offers from some of its bondholders to convert debt to shares.
Sterlite Industries (India) Ltd. (STLT IN) retreated 2.2 percent to 169.9 rupees, the biggest fall in more than a week. The nation’s biggest copper producer lowered prices for copper cathode by 1 percent to 452,652 rupees a metric ton effective June 1, the company said on its website.
Tata Teleservices Maharashtra Ltd. (TTLS) jumped 6.5 percent to 17.3 rupees, the steepest in more than a month. The ET Now news channel reported that India’s Central Bureau of Investigation told a court that the Tata Group complied with rules set by the Telecom Regulatory Authority of India. The station didn’t say where it obtained the information.
In a verdict after the market closed, a court rejected pleas seeking to probe Tata Group related to the 2008 sale of mobile phone licenses.
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