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Indian markets continue to slide
Tue, 14 Jan 01:30 pm

Indian stock markets continued to slide further and slipped into negative territory during the post noon trading session. Almost all sectoral indices are trading in the red. Realty and metal indices are the biggest losers.

The BSE Sensex is trading down 80 points and the NSE-Nifty is trading down 27 points. The BSE Mid Cap index is trading down 0.3% and BSE Small Cap index is trading lower by 0.1%. The rupee is trading at 61.52 to the US dollar.

Indian private banking stocks are trading mixed. Kotak Mahindra and Axis Bank are the major losers, while Yes Bank is trading firm. As per a leading business daily, Indian government plans to sell its 12% holding in Axis Bank, India's third largest private bank. Government has 20.72% stake in the bank through The Special Undertaking of Unit Trust of India (SUUTI). The stake sale in the bank would entail exchequer about Rs 60 bn in value. Earlier, the government had increased the FII limit in the Indian companies to 62% from 49%. FII holding in Axis Bank is currently about 45%. Further, the government has stake through SUUTI in three other private companies and it has plans to sell the same in all the companies. However, SUUTI stake sale plan in ITC and L&T is put on hold for the time being. The stock of Axis Bank is trading down by 1% today.

Pharma stocks are also trading mixed. Strides Arcolab and Indoco Remedies are trading in the green, while Ranbaxy is the major loser. As per a leading financial daily, Ranbaxy said the US FDA has filed certain observations about its Toansa pharmaceutical ingredients plant in Punjab. This is the fourth such Ranbaxy's plant where US FDA has raised its concern. The Toansa plant is crucial for the pharma major as about 70% of APIs used in its formulations are expected to be manufactured in the plant. Off late, the company has not been able to fetch approvals of products on time especially for those where its holds exclusivity. This led to delays in the launch of key products. The new issue would further increase its risk of delay in resolution of import alerts and launch of products. Notably, getting timely approvals and resolving USFDA issues will be the key in bolstering overall growth. Ranbaxy has also been witnessing margin pressures on account of resolving its plant issues.The stock was down 2.6% at the time of writing.

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