Over 160 stocks crash to all-time lows on BSE

With the stock market buckling under negative global cues and heavy selling by foreign investors, shares of over 160 firms, including Reliance Communications, Ranbaxy Labs and Suzlon Energy, today plunged to their all-time lows.

Analysts ascribe the tumbling of major stocks at the stock market to the negative global cues and the continued selling by FIIs in heavyweight stocks.

"The meltdown in the market is mainly due to the massive selling by FIIs which is continuing for the past few days as they are faced with severe liquidity crunch back home," Bonanza Portfolio President Research P K Agarwal said.

Reliance Communications dropped to an all-time low of Rs 134.05, down 2.77 per cent on the BSE, but managed to settle at Rs 135.55 down 1.67 per cent, while as many as 25.02 lakh equity shares of the company changed hands at the bourse.

"The meltdown is in line with subdued market sentiment globally, further the market has already discounted the repo rate cut so no trigger were there for any upswing," SMC Global Vice President Rajesh Jain said.

Suzlon Energy scrip today plummeted to an all-time low of Rs 35.20, down 7.97 per cent, while Yes Bank tumbled to Rs 43.30, Provogue India (Rs 28.25), Punj Lloyd (Rs 69.30) and Pyramid Saimira (Rs 13.15).

Among other firms which touched their nadir are Maytas Infra, Wockhardt, D-Link India, 3i Infotech, Gokaldas exports, Strides Arcolab and HT Media.

FIIs have sold as much as Rs 458.30 crore in Indian equities in the first week of March and their total sell off in 2009 amounting to Rs 2,114.60 crore.

"The domestic market is in bad shape following the global trend, with heavy selling by FIIs lowering the sentiment," Ashika Stock Brokers' Research Head Paras Bothra said.

The 30 share-bluechip index Sensex today nosedived 249 points to settled at Rs 8,197.92, with 25 stocks settling in red, while managing to stay afloat in the positive territory.

The top losers in the Sensex were Ranbaxy Labs which plunged 9.27 per cent, followed by Reliance Industries, ICICI Bank and Tata Power all of which plummeted over five per cent on the BSE.