Market Now: These stocks decline up to 11% on NSE

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NEW DELHI: Shares of Raj Rayon Industries (down 11 per cent), North Eastern Carrying Corporation (down 9.23 per cent) and MVL (down 9 per cent) cracked up to 11 per cent on NSE in morning trade on Wednesday.

Stocks such as Bhagyanagar Properties (down 8.10 per cent), Simbhaoli Sugars (down 6.52 per cent), HB StockholdingsBSE -7.47 % (down 6.44 per cent) and Triveni Engineering & Industries (down 6.08 per cent) declined up to 8 per cent on NSE.

Benchmark indices were in the negative territory, tracking global cues. Participants was concerned after ICICI Bank and Axis BankBSE 1.43 % were summoned to the Serious Fraud Investigation Office (SFIO) in Mumbai on Tuesday as the arm of the central government began its enquiry into the Rs 12,700-crore Nirav Modi case.

The NSE Nifty index was trading 34 points down at 10,216, while the BSE Sensex was down 71 points at 33,247 around 10:40 am (IST).

Among the 50 stocks in the Nifty50 index, 17 were trading in the green, while 33 were in red.

Tata Motors, HCL Technologies, ITC, Maruti Suzuki IndiaBSE 0.62 % and Dr. Reddy’s Laboratories were among the top gainers in the Nifty pack of stocks, while State Bank of India, Indiabulls Housing Finance, Adani Ports & Special Economic Zone, Hindalco IndustriesBSE -0.69 % and ICICI Bank were among the top losers in the Nifty index.