China Plunge Sparks Asia-wide Sell-off, Sensex Drops 1.7%

Mukesh Buch
08 Jul, 2015
New York City

Sensex in Mumbai declined following an Asia-wide sell-off after the Shanghai index plunged 7%. NMDC plans to establish three-million-tons-a- year steel plant in Karnataka. Saavn to raise $100 million as the music streaming service ramps up marketing.

[R]6:00 PM Mumbai – Sensex in Mumbai declined following an Asia-wide sell-off after the Shanghai index plunged 7%. NMDC plans to establish three-million-tons-a- year steel plant in Karnataka. Saavn to raise $100 million as the music streaming service ramps up marketing.

Stocks in Mumbai plunged following an Asia-wide sell-off after Chinese stocks plunged nearly 7% and crisis in Greece continued.

The Asian markets fell at least 1%, with Hong Kong shares plunging over 5%, posting their biggest decline since the financial crisis.

The Shanghai Composite fell as much as 8.2% before closing down 5.9% lower. Japan’s Topix index posted its steepest decline since February 2014, sliding 3.3%. The MSCI Asia Pacific Index fell 3.2% in Hong Kong, set for a correction and heading for a five-month low. Australia’s S&P/ASX 200 Index lost 2%.

Rupee weakened 14 paisa to 63.59 against one U.S. dollar.

The Sensex Index declined 483.97 or 1.7% to close at 27,687.72. The CNX Nifty dropped 147.75 or 1.7% to 8,363.05.

Kazakhstan, the world''s largest producer of uranium, will supply a total of 5,000 tons radioactive fuel to India between 2015 and 2019, Kazakh President Nursultan Nazarbayev said today.

Gainers & Losers

Bajaj Electricals Limited jumped 3.1% to ₹281.90 after the electrical products maker said June sales advanced 4.6% to ₹387.76 crore from ₹370.81 crore a year ago month.

Crompton Greaves Limited advanced 2.3% to ₹180.40 after the electrical systems maker signed a global agreement to supply electrical motors with France-based cement producer Lafarge.

NMDC Limited fell 2.3% to ₹112.70 after the iron ore producer plans to establish a steel plant with an annual capacity of three million tons a year in Karnataka in partnership with the state government at an estimated cost of ₹18,000 crore.

OnMobile Global Limited dropped 3.1% to ₹83.60 and the company plans to launch an avant-garde digital music store for Grameenphone, a leading telecom operator in Bangladesh.

Saavn, the largest music streaming company to raised $100 million funds from the U.S.-based privately held firm Tiger Global Management and other investors. The latest investment round valued the company at $400 million.

Titagarh Wagons Limited climbed 4.5% to ₹115.50 after the mining equipment maker received an industrial license to manufacture defense equipment and systems from the Ministry of Commerce & Industry.

United Spirits Limited decreased 2.1% to ₹3,427.05 after the alcohol maker plans to sell its entire 3.21% stake in United Breweries for ₹872 crore.