The BSE benchmark index, the Sensex, opened 110-odd points lower at 58,697, and after briefing sneaking into the positive zone, fell to a low of 58,415 – down nearly 400 points.
Asian Paints was the major gainer among the Sensex 30 stock, it surged 3 per cent to Rs 3,277.
The company on December 8, informed the exchanges that it had allotted 599 million equity shares of Re 1 each as fully-paid up bonus equity shares, in the proportion of 2:1 to the eligible members.
The BSE Sensex had touched a low of 58,415, and was now down 198 points at 58,609.
In the broader markets, Network18 Media & Entertainment hit an over 11-year high of Rs 102.75 amid heavy volumes in an otherwise subdued market.
Nestle India, HDFC, Bajaj Finserv, Axis Bank and Tech Mahindra were the other notable losers.
The broader indices were outperforming the benchmarks, the BSE Midcap and Smallcap indices were up 0.3 per cent and 0.8 per cent, respectively.
In the broader markets, Bajaj Electricals surged to a high of Rs 1,160, and was trading 7.5 per cent higher at Rs 1,125 as the company’s board approved a porposal to consider corporate structuring.
Overnight, the Dow Jones ended flat with a negative bias in the US.
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