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BW Businessworld

Sensex Lower, Hurt By Ranbaxy, RBI Chief Comment

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The BSE Sensex was down 0.44 per cent, after posting a second consecutive record closing high on Thursday (23 January), while the Nifty falls 0.54 per cent.

Ranbaxy Laboratories, majority owned by Japan's Daiichi Sankyo Co, slumped nearly 20 per cent after the US Food and Drug Administration banned more products from the Indian drugmaker.

Rate-sensitive stocks fell after Reserve Bank of India Governor Raghuram Rajan was quoted as saying that inflation was a "destructive disease" that was forcing the bank to keep interest rates high, according to a Press Trust of India report carried by The Economic Times newspaper's website.

HDFC Bank fell 1.4 per cent, while Tata Motors was down 2.2 per cent.

(Reuters)