Equities end 3-day rally, YES Bank tanks over 3 Percent

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Mumbai: Equity benchmark indices ended three days of the rally on Wednesday with selling pressure witnessed in banking, auto and realty stocks. The BSE S&P Sensex closed 194 points lower at 39,757 while the Nifty 50 sank 59 points to settle at 11,906. At the National Stock Exchange, most sectoral indices were in the negative zone. Realty fell by 2.05 per cent, auto by 1.13 per cent and private bank 1.02 per cent. Shares of Indiabulls Housing Finance fell 7.8 per cent intraday after the company moved the Supreme Court seeking an urgent listing of a plea filed against it. The petition alleged that the company misappropriated Rs 98,000 crore of public money.

Reliance Capital sank 6.8 per cent to Rs 87.5o per share after the company’s statutory auditor Price Waterhouse & Co Chartered Accountants LLP (PwC) resigned with effect from Tuesday. Shares of Eros International Media were locked in the lower circuit for the fifth straight day, down 9.89 per cent at Rs 33.25 apiece after Moody’s Investors Service downgraded the corporate family ratings to B2 from B1. It also changed the outlook to negative from stable. Yes Bank shed over 3 per cent after global rating agency Moody’s on Tuesday placed its foreign currency issuer rating of Ba1 under review for downgrade. The other which lost were Bharti Infratel, Tech Mahindra and Hero MotorCorp.