Equities fell more than 2 per cent on Friday afternoon, as Europe’s sovereign debt, indications of weak US jobs data and a crash in commodity and energy prices raised fresh concerns over global economic recovery. The domestic markets have also taken the brunt of selling by foreign funds, which had earlier invested in emerging markets after borrowing in cheaper dollars.
By 12:28 p.m., the 50-share BSE Index was down 2.46 per cent or 400.62 points, to 15,826.35 points its lowest in three months, with only one component gaining.
Across-the-board selling was witnessed. Among the index stocks, heavyweight Reliance Industries led the losers and was down 2.4 per cent at Rs 994.60.
Bank stocks such as private lender ICICI Bank and State Bank of India (SBI) were also among the top losers. ICICI Bank was down 3.8 per cent at Rs 797.75, while larger rival SBI was down 3.1 per cent at Rs 1,888.