Sensex Plunges over 590 Points

The Bombay Stock Exchange benchmark plummeted over 590 points in mid-session on Friday following Dubai’s attempts to delay debt payment that caused frantic selling by funds on weakening global trend.

At 1300 hrs, the sensex that lost 344 points in the previous session dropped further by 590.07 points or 3.45 per cent to 16,264.86, with banking and realty stocks losing hefty ground.

Likewise, the wide-based National Stock Exchange index Nifty toppled by 176.55 points, or 3.29 per cent to 4,829.00.

Reliance Industries fell 4.78 per cent to Rs 1,013.70, ICICI Bank slid 4.41 per cent to Rs 827.30 and State Bank of India fell by 3.95 per cent to Rs 2,164.

All the other shares on the measure also fell leading to a 3.3 per cent slide this week, its first weekly decline in four.