Indian equity benchmarks extended decline for fourth straight session on Monday with Nifty and Sensex dropping the most since April 12, at the day’s lowest levels, as investor sentiment was shaken after weak listing of the country’s biggest-ever Paytm’s IPO.
Reliance Industries came under selling pressure after country’s largest firm decided to halt a stake sale in its oil-to-chemicals business to Saudi Arabia’s Aramco and pulled back from a potential spinoff of its most profitable unit.
Paytm’s market capitalisation or its market value dropped by as much as Rs 56,233 crore after its disastrous market debut on Thursday, November 18, data from the BSE showed.
Selling pressure was broad-based as all the 15 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty PSU Bank index’s 4.5 per cent fall.
Bajaj Finance was top Nifty loser, the stock fell 5.6 per cent to close at Rs 7,065.