Indian stock markets witnessed a gap down opening on Thursday as global markets plunged after the World Health Organization (WHO) declared the spread of coronavirus was officially a pandemic. At 10:42 am, the BSE benchmark Sensex was trading down 1,952.38 points, or 5.47%, to 33,745.02, while the Nifty 50 fell 592.55 points, or 5.67%, to 9,865.85. SBI, Biocon, Varun Beverages, IndiGo and M&M were among the key stocks in news today. Read on to know more:
SBI: State Bank of India (SBI) shares lost over 9% after the lender waived average monthly balance maintenance for all savings.
Biocon: Biocon Ltd shares plunged 7.5% even as the company along with its partner Mylan won patent case asserted by Sanofi for insulin Glargin device in the US.
Varun Beverages: Varun Beverages Ltd shares dropped over 7% after PepsiCo said it would acquire energy drink maker Rockstar Energy in a $3.85 billion deal.
IndiGo: Shares of Interglobe Aviation Ltd, the company which operates country’s largest domestic airline IndiGo, were locked in 10% lower circuit after it said that it has seen a 15-20% decline in bookings during the last few weeks.
M&M: Mahindra and Mahindra Ltd (M&M) shares were down 8.7% after the company signed a share purchase agreement to buy additional 34,249 equity shares of MITRA Agro Equipments Pvt. Ltd, an associate of the company, from its existing shareholders.
Oriental Bank of Commerce: Oriental Bank of Commerce shares shed nearly 14% on news that trading in the equity shares shall be suspended with effect from 23 March 2020 on account of scheme of amalgamation with Punjab National Bank.
Canara Bank: Canara Bank Ltd shares slid over 11% after the company allotted Basel-III compliant Tier-II bonds worth Rs 3,000 crore.
CG Power: CG Power and Industrial Solutions Ltd shares were locked in 5% upper circuit even as market regulator Sebi refused to lift the capital market ban imposed on ex-chairman Gautam Thapar and three other former officials in a case related to diversion of funds.
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