The Hindu : Front Page : Sensex hits year’s low

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Tuesday, Feb 12, 2008
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Sensex hits year’s low

MUMBAI: The stock markets plummeted on Monday with the benchmark Sensex dropping by over 830 points to touch its lowest closing this year as investors dumped stocks owing to a host of reasons, including a rather disappointing debut of Reliance Power.

The BSE barometer closed at nearly five-month low of 16630.91, a net fall of 833.98 points, or 4.78 per cent, from its previous close of 17464.89. The Sensex touched the intra-day low of 16457.74.

News that the French bank Societe Generale, hit by the U.S. credit crisis, has launched a rights issue at a steep discount and also announced 600 million euro in fresh write-downs also adversely affected sentiment. — PTI

Our Mumbai Correspondent writes:

Desperate investors sold many power stocks to cut their losses. The BSE power index closed with a loss of 8.61 per cent at 3414.66. Reliance Energy, Tata Power and Torrent Power were the top losers. Reliance Energy, dropped by Rs. 380.95 to close at Rs. 1,582.30. Indices closed deep in the red following cues from the global markets too.

Meanwhile, Standard & Poor’s announced that world equity markets lost a combined $5.2 trillion in January as emerging markets fell 12.44 per cent and developed markets lost 7.83 per cent to register one of the worst ever starts to a new year.

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