“A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation set the market outlook bearish for the near term,” Vinod Nair, Head of Research at Geojit Financial Services, said.
Market rout: 7 of top-10 valued firms see Rs 1.25 lakh crore erosion
The stock continued to remain the most valued listed company in the country despite the decline.