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Sensex skips a heartbeat! NBFCs drive market down 1,100 points, recovers soon after

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Sensex skips a heartbeat! NBFCs drive market down 1,100 points, recovers soon after

However, the indices later recovered on management of these companies allaying concerns over their financial position.

The Sensex and Nifty crashed in afternoon trade amid heavy selling in housing finance companies stocks. The stocks of non-banking finance companies (NBFCs) crashed in afternoon trade today and spooked Sensex and Nifty which fell nearly 1,128 points and 368 points , respectively.

However, the indices later recovered on management of these companies allaying concerns over their financial position.

The stock of Dewan Housing Finance fell 59.67% or 364 points to a new low of 246.25, the most among the NBFCs. Other housing finance companies such as India Bulls Housing Finance, LIC Housing, L&T Finance Holding stocks too fell in afternoon trade.

(Adding updates)