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