Mumbai: 12:59pm Wockhardt shares crashed more than 18 per cent after Macquarie slashed its 12-month target price to Rs 750 and downgraded the stock to neutral.
Uncertainty around remediation timelines and future approvals continue. The USFDA letter is now on the website asking the company to put in place a remediation plan.
IDFC is the top loser on the Nifty, falling more than 7 per cent. Morgan Stanley downgraded the stock to underweight from equalweight and cut the target price to Rs 100 from Rs 150. The macro worries a big negative for the stock, says Morgan Stanley.
Maruti Suzuki slipped over 2 per cent. A media report suggests that the company has threatened to shut its key Manesar plant in Haryana as it faces the prospect of paying additional compensation for the land. The threat is concerning as the Manesar plant rolls out Maruti's blockbuster models like the Swift and Dzire.
12:45 pm A CNBC-TV18 poll sees Hero MotoCorp's profit declining 6 per cent while revenue may see a modest uptick. Margins may remain stable despite volumes slumping due to slowdown. The stock is flat.
Ambuja Cements shares lost 3 per cent ahead of earnings. Analysts on an average expects the company's topline may come under pressure due to lower realizations and volumes. Profits may see a 32 per cent dip and EBITDA margins may take a big hit.
Cairn India slipped 0.7 per cent as the oil & gas company is likely to report weak operational number in first quarter on lower crude prices, but net profit is seen up over 12 per cent due to higher forex gains.
12:30pm The BSE Sensex is down 294.22 points or 1.45 per cent at 20007.91 after hitting an intraday low of 19994.25, and the Nifty is down 110.40 points or 1.82 percent at 5967.40.
YES Bank fell more than 12 per cent to touch a nine-month low of Rs 384.95 after the RBI has taken steps to curb rupee depreciation and first quarter earnings .
The BSE Bankex plunged 5 per cent as the RBI moved to further rein in forex market volatility, saying bank borrowing from it will be limited to 0.5 per cent of the bank's total deposits. Banks must maintain 99 per cent of their daily cash reserve ratio requirement with the RBI.
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