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Journalism of Courage
The housing finance racket continued to hit the financial and realty stocks for the second day,with shares plunging as much as 10 per cent at the Bombay Stock Exchange on Thursday.
The CBI had arrested senior officials of LIC Housing Finance,Central Bank of India and Punjab National Bank,among others,in connection with a multi-crore housing loan scam.
Negative cues pulled down stocks of major lenders,including PNB which tanked 6.38 per cent,Bank of India (5.85 per cent),Canara Bank (3.35 per cent),Axis Bank (2.65 per cent),LIC Housing Finance (0.98 per cent),dragging the BSE banking index down by (1.42 per cent).
“Real Estate and banks bore the brunt of the sour mood of the market. The day belonged to the bears again as investors remained jittery about the fallout of the string of scams on the market sentiment,” India Infoline Head of Research Amar Ambani said.
Other frontline scrips like SBI ended down 0.98 per cent and ICICI Bank 0.70 per cent.
In the realty space,DLF lost 4.13 per cent,D B Realty (9.99 per cent),Indiabulls Real Estate (5.22 per cent),Unitech (6.04 per cent),HDIL (9.69 per cent),Jaiprakash Associates (5.19 per cent).
Led by decline in these stocks,the BSE realty index plummeted 5.40 per cent to close at 2,877.35.
Yesterday,both these indices closed with a loss of 3 per cent each.
Meanwhile,the BSE 30-share Sensex fell for the third day and closed lower by 141.69 points or 0.73 per cent at 19,318.16.
