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Housing investors of LIC lose Rs 2,300 crore in market sell-off

November 25th, 2010 by James

Housing investors of LIC lose Rs 2,300 crore in market sell-offThe market value of LIC Housing Finance plunged to Rs 2,365 crore to Rs 10,159 crore in a day that created panic among the investors.

The shares of LIC Housing tanked by as much as 18.25 percent to Rs 1,068.55, in its biggest single-day on the stock markets in recent times.

From in.news.yahoo.com:

Money Matters which was also linked with the bribe-for-loan racket also plunged by 20 per cent to Rs 531.20. The market value of Money Matters fell by Rs 470 crore to Rs 1,861 crore. Other banking shares were also battered. Central Bank of India crashed by 8.02 per cent to Rs 197.90, PNB by 3.10 per cent to Rs 1,264.45 and Bank of India by 5.88 per cent to Rs 446.40. SBI fell by 3.34 per cent to Rs 2,854.10. The Sensex fell by 232 points to 19,459.85 in the sell-off triggered by the CBI raids. In the reality pack, Man Infra plunged by 15.38 per cent, DB Reality by 16.23 per cent and Orbit Corp by 7.08 per cent. DLF was down 3.6 per cent and HDIL 5 per cent. Said Avinash Gupta, Vice President, Bonanza Portfolio, “The news about raids by CBI relating to certain officials of the LIC Housing Finance and Banks unnerved investors. There was a sharp sell-off in banks, finance companies and realty stocks. This caused the Nifty and the Sensex to move down and close in the red.” “The home loan scam added to the woes of investors. The Sensex is already hit by the Eurozone crisis, China’s tightening of economy, Koreas face-off and 2G spectrum scam,” said BSE broker Pawan Dharnidharka. “The new revelation by CBI about the multi-crore housing finance scam will only add to the woes,” said Amar Ambani, Head of Research, IIFL. However, another dealer said the fall in banking stocks was a kneejerk reaction and the racket won’t have any impact on their performances.

The Sensex fell by 232 points to 19,459.85 in the sell-off that was triggered by the CBI raids.

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