Mid, small-cap indices dip 1.5% each; 3M India, RBL Bank among worst hit

Cholamandalam Investment and Finance, Gruh Finance, 3M India and RBL Bank were among the major contributors to the midcap index's fall.

Surpassing the benchmarks, the mid and small-cap stocks fell more  in intra-day deals on Wednesday. The S&P BSE MidCap index was trading around one and a half per cent lower at 14,954 levels, with 3M India (down 6 per cent) the worst hit. Cholamandalam Investment and Finance, Gruh Finance and RBL Bank were among the major contributors to the index's fall. 

The S&P BSE SmallCap index, too, slipped nearly 1.50 per cent to 14,260 levels. Jubilant FoodWorks, Bharat Financial Inclusion and IB Ventures contributed the most to the index's fall, declining between 4 and 7 per cent. 

However, Nagarjuna Fertilizers bucked the trend, rallying as much as 17.97 per cent on BSE after the company said it has restarted production of urea from Unit I of Kakinada Plant, Andhra Pradesh on December 23, 2018. The company is in the process of a long term debt resolution with its lenders. 

In its press release, it said, "the company is in the process of a Long Term Debt Resolution with its lenders. Pending debt resolution, basis support of Department of Fertilizers and Lenders, the company has restarted production of Urea from Unit I of Kakinada Plant, Andhra Pradesh on December 23, 2018."

On the other hand, benchmark indices Sensex and Nifty were trading around 1 per cent lower amid global sell-off.