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Sensex down 230 points; Bhushan Steel plunges 10% after CBI arrests managing director in bribery case

Friday, 8 August 2014 - 10:51am IST | Place: Mumbai | Agency: dna webdesk

The benchmark index Sensex has extended its session of losses for the third session in a row. Sensex is down 230 points to 25360 while Nifty is down 73 points to 7575. 

Infosys is down just 0.7% after media reports suggest that the company has promoted 5000 employees to reduce attrition rates. The attrition rate came at more than 19% during this quarter and the CEO Vishal SIkka might be wooing its employees to stay back in the organisation.

State Bank of India, which is going to announce the quarterly results today, is down 0.5%. 

Bhushan Steel stock is down 10% after the CBI today arrested Neeraj Singal, Vice Chairman and Managing Director of Bhushan Steel, in connection with Rs 50 lakh bribery scandal involving Syndicate Bank chairman and managing director S K Jain.

The big losers in the market are BPCL, Ultra Tech Cement, Mahindra & Mahindra. The big gainers are Bharti AIrtel, TCS, HCL Tceh, Sun Pharma and Dr Reddys Labs.

The market is worried also after Barack Obama uthorised the US military to launch targeted airstrikes to protect Americans from Islamic militants in northern Iraq. This could revive revive US military involvement in Iraq.


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