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Sensex Plunges 897 Points Amid Global Selloff; Nifty Nears 17,150
(RTTNews) - Indian shares fell for a third day running on Monday amid a global sell-off in the wake of the Silicon Valley Bank (SVB) collapse and growing worries about the health of the U.S. financial system.
Falling yields, a weaker dollar and declining oil prices failed to offer any support as investors waited to see whether the SVB collapse was a systematic event, or a one-off.
The benchmark S&P BSE Sensex plunged 897.28 points, or 1.52 percent, to 58,237.85, while the broader NSE Nifty index settled 258.60 points, or 1.49 percent, lower at 17,154.30.
Banks led losses, with IndusInd Bank falling 7.3 percent on concerns over lower tenure extension for its CEO.
Adani Ports, Mahindra & Mahindra, Tata Motors and SBI all fell around 3 percent.
Yes Bank tumbled 4.9 percent as the three-year lock in period of investors as part of a restructuring ended today.
On the positive side, Tech Mahindra jumped 6.9 percent after naming Infosys President Mohit Joshi as its next CEO and MD.
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