Equities slip in early session, Jet Airways plunges 15 pc

Mumbai: Stocks traded with a negative bias during early hours on Thursday amid mixed global cues and oil prices hovering at a five-month low.

All sectoral indices at the National Stock Exchange (NSE) were in the red. At 10:15 am, the BSE S&P Sensex was down 207 points at 39,550 while the Nifty 50 slipped 66 points to 11,841.

Among stocks, Jet Airways dragged 15 per cent down to Rs 93.95 per share after the NSE in its circular informed that shares of the grounded airline will be removed from daily trading of futures and options effective June 28.

Yes Bank tumbled 8.8 per cent after a series of downgrades by global rating agencies in recent weeks.

Indiabulls Housing Finance slipped 5.5 per cent in the morning trade, a day after the company approached Supreme Court seeking that the case is heard urgently given that allegations against the company were causing a massive decline in its stock price and market cap.

Vedanta, Tata Steel and JSW Steel also dropped between 1.5 and 2.4 per cent.

Those which showed small gains were Bharat Petroleum Corporation, Larsen & Toubro, Asian Paints, Tata Consultancy
Services and Zee Entertainment.

Meanwhile, Asian shares fell for a second day with shares in Tokyo and Hong Kong leading declines. The selling pressure in Hong Kong came after a mass demonstration against legislation that would allow citizens to be extradited to China.

Investors said hopes that the United States and China will clinch a deal on the sidelines of a Group of 20 summit meeting in Osaka on June 28 and 29 have been fading.