BSE Sensex and NSE Nifty are witnessing a sharp decline in the first session of the week due to disappointing quarterly results of leading companies like Mahindra & Mahindra and Tata Steel. Apart from this, on the 30-share BSE Sensitive Index Sensex is trading at 40,865.74 points at 11:31 am, down 276.11 points, or 0.67 per cent. At the same time, NSE Nifty is trading at 12,004.55 points, down 93.80 i.e. 0.78 percent. The stock markets have fallen due to disappointing quarterly results of Tata Steel of leading automobile company Mahindra & Mahindra and Tata Group.
Mahindra and Mahindra on Saturday announced its quarterly results for October-December, 2019. Along with this, the company said that its net profit fell by just 73 per cent to Rs 380 crore in the quarter under review. This is the reason why the company's shares are registering a decline of 5.41 percent on Monday. Tata Steel shares also lost 4.85 per cent. The shares of the same company have so far fallen by 5.5 per cent. The company has informed that it incurred a loss of Rs 1,229 crore in the third quarter of the current financial year.
The Tata group company had a profit of Rs 1,753 crore in the October-December quarter of the previous financial year. The same Sensex closed at the level of 41,141.85 on Friday. Also in the first session of the week, Sensex opened with a slight improvement to the level of 41,166.72 points and reached a high of 41,172.06. With this, the decline in the Sensex started after that and at one time it had dropped to 40,798.98. The same shares of Bharti Airtel, Bajaj Finance, Hindustan Unilever, ICICI Bank and Bajaj Auto are on the green mark on BSE Sensex.
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