Sensex and Nifty on Friday tanked by 2% hitting a three-month low due to the heavy selling pressure in banking and financial shares.

The Nifty 50 index was down by 350 points to trade below 17,600, hitting a 3-month low. Only 10 of its scrips traded in green while the remaining 40 of its scrips traded in the red.

The S&P BSE Sensex fell around 900 points to 59,249 around 3 PM, also hitting a 3-month low. The index opened lower and later fell nearly more than 1100 points in early morning deals to touch a low of 59,088 as only 3 of its scrips advanced (ITC, Sun Pharma, and Tata Motors) while the remaining 27 of its scrips declined.

Adani Group shares on Friday crashed for the second straight trading day. All the 7 listed shares of the group dropped by 5 to 20%. While Adani Ports lost nearly 20% to hit a two-year low at Rs 572.25, Adani Green, Adani Transmission, and Adani Total Gas hit the lower circuit of 20%.  Adani Power, Adani Wilmar too hit the lower circuit of 5% Adani Enterprises- The flagship company of Adani Group was down by 14%. 

The seven listed companies lost more than $10 billion in the early Wednesday market. 

The bizarre situations in the shares of the Adani group started when the New York-based investor research firm Hindenburg Research in a report accused the group of manipulation and accounting fraud scheme over the course of decades. The Ahmedabad headquartered company, however, termed the report as a malicious combination of selective misinformation and stale.

On Friday the Nifty Bank index fell more than 2% to slip below 41,000 for the first time since 3rd November 3, 2022. All 12 stocks were trading in deep red dragged by PNB, SBI, ICICI Bank, HDFC Bank, and Axis Bank – all down by 2 to 3%