Sensex plunges 400 points, Nifty around 10,550; crude oil prices near $50/bbl
Benchmark indices extended losses in late morning deals amid global growth concerns. The 30-share BSE Sensex fell 409.43 points or 1.15 percent to 35,060.72 and the 50-share NSE Nifty plunged 113 points or 1.06 percent to 10,550.50.
The broader markets hit badly compared to benchmark indices as the Nifty Midcap and Smallcap indices were down more than 1.6 percent each.
About four shares declined for every share rising on the BSE.With customer safety as its top priority, Maruti Suzuki India announced to proactively and voluntarily undertake a recall campaign for certain Super Carry vehicles. "Recall campaigns are undertaken globally to rectify faults that may be potential safety defects.
The company said it would inspect a possible defect in fuel filter of 5900 Super Carry vehicles manufactured between 26th April 2018 and 1st August 2018. This also include vehicles in which fuel filter has been replaced in field during this period.Shares of Hindustan Unilever were down around 2 percent as investors reacted to a penalty being imposed on the company.
The National Anti-Profiteering Authority (NAA) has slapped a hefty penalty of Rs 383 crore on consumer goods major Hindustan Unilever Ltd (HUL) on the ground of not passing benefits of GST rate cuts to consumers.source- www.moneycontrol.com
The company had earlier this year voluntarily submitted Rs 160 crore - an amount significantly lower than the government's calculation - as the profiteering amount to the government.
As per GST rules, 50 percent of the amount profiteered or Rs 191.68 crore is required to be deposited by the company in the central consumer welfare fund (CWF), while the balance amount is to be deposited in the CWF of concerned states where the company sold its products.
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