The Bombay Stock Exchange crashed by over 600 points in early trade on Monday due to weak global cues. Asian markets had been weak ahead of a meeting of the US Federal Reserve, which begins on Tuesday and that could remove the accommodative monetary policy that had boosted stocks for a decade.
NDTV reported, “As of 9:32 am, the 30-share BSE Sensex pack was down 612 points or 1.04 per cent at 58,425 and the broader NSE Nifty slumped 173 points or 0.98 per cent to 17,444.”
Zomato and Paytm were among the major stocks that saw losses. “Zomato slumped over 18% in Monday's early deals to ₹98 apiece on the BSE, plummeting over 25% in the last five trading sessions. On the other hand, Paytm was trading nearly 4% lower at ₹924 apiece,” Live Mint reported.
Shares of Vodafone Idea also tanked due to poor performance in the December quarter. The shares fell by over 5 per cent after the company's losses “expanded to Rs 7,230.9 crore from Rs 4,532.1 crore compared to the corresponding quarter last year,” The Times of India reported.
Other top losers included “Wipro, Tech Mahindra, Infosys, Titan, Asian Paints and Bajaj Finserv,” NDTV reported.