Sensex on Monday slipped about 74 points to end at nearly three-week low of 25,031.32 as shares of index heavyweight ITC tanked on fears of hike in excise duty on cigarettes, amid caution over rising crude prices on unabated violence in strife-torn Iraq.
Market value of FMCG major ITC took an over Rs 17,000 crore hit . The shares of the company, which makes cigarettes, plunged by 6.50 per cent, its biggest drop since September 2013, to close at Rs 314.05 apiece on the BSE.
With the decline in the share price, the FMCG major’s market cap fell by Rs 17,377 crore. The market valuation of the company today stood at Rs 2.49 lakh crore as against Rs 2.67 lakh crore on the previous trading day i.e. June 20.
Extending losses for the fourth straight session, the barometer also struggled as inflation woes, sluggish Monsoon and hike in railway freight rates weighed in on sentiment.
The BSE 30-share barometer resumed stable and immediately touched a high of 25,197.50. later, it fell back sharply below 25K-mark at 24,878.66 before recovering some ground to settle at 25,031.32, a net fall of 74.19 points or 0.30 per cent.
The gauge has now lost over 489 points in four sessions. Today’s closing value is its lowest since 25,019.51 on June 5. The 50-issue CNX Nifty of the NSE also eased by 18.10 points to end below 7,500-mark at 7,493.35.