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HDFC Bank emerged as the biggest drag. HDFC Bank was the largest contributor to the Nifty 50's decline on Wednesday. The stock was trading at ₹813.00,...
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Indian equities witnessed a sharp sell-off on Wednesday, July 8, with both the Sensex and the Nifty 50 tumbling over 2% each. The decline marks the second consecutive session of losses after the benchmarks snapped a four-session winning streak on Tuesday.
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By 2:10 pm, the Nifty 50 had plunged nearly 500 points, while the Sensex was lower by more than 1,600 points. The sell-off was broad-based, with 45 of the 50 Nifty constituents trading in the red.
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Here's a look at the five stocks that contributed the most to the Nifty 50's decline.
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HDFC Bank emerged as the biggest drag. HDFC Bank was the largest contributor to the Nifty 50's decline on Wednesday. The stock was trading at ₹813.00, down ₹16.30 or 1.97%, shaving 50.61 points off the benchmark index.
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Reliance Industries was the second-biggest drag on the benchmark. The stock declined ₹32.20, or 2.46%, to ₹1,276.20, contributing 49.92 points to the Nifty's fall.
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ICICI Bank was another major contributor to Wednesday's decline. The lender fell ₹30.70, or 2.17%, to ₹1,384.00, pulling the Nifty lower by 43.94 points.
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Bharti Airtel slipped 2.37% during the session. The stock was trading at ₹1,880.20, down ₹45.60, contributing 30.01 points to the Nifty 50's decline.
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Engineering and construction major Larsen & Toubro also weighed on the benchmark. The stock fell ₹96.40, or 2.41%, to ₹3,895.50, resulting in a 25.88-point drag on the Nifty 50.
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