Sensex tanks 255 points, dips below 28,000-mark

The BSE benchmark Sensex settled below the 28,000-mark by falling 255 points on Wednesday, weighed down mainly by weakness at Tata Group counters in the wake of removal of Cyrus Mistry as its chairman.

Zee Media Bureau

New Delhi: The BSE benchmark Sensex settled below the 28,000-mark by falling 255 points on Wednesday, weighed down mainly by the weakness in financial stocks led by Axis Bank after sharp drop in its quarterly profit suggested all is not well on the NPA front.

Tata Group counters also contributed to the fall in the wake of removal of Cyrus Mistry as its chairman.

The BSE Sensex tanked 254.91 points to end at 27,836.51. The 50-share Nifty was also down 76.05 points at 8,615.25.

Tata group stocks such as Tata Motors, Tata Steel and TCS all continued to reel and registered further losses by up to 4.27 percent.

Financial stocks were the biggest contributors to the market decline.

Axis Bank topped the losers' among 30-Sensex pack by tumbling 8.04 percent after the company's July-September quarter net plunged by 83 percent.