Sensex slides 650 pts, Nifty near 21,850; VIX soars 14%; Tata Motors drops 8%

Indian benchmark indices — S&P BSE Sensex, and Nifty50 — started on the backfoot on Monday. The 30-stock BSE benchmark was quoting at 72,138, down 525 points or 0.72 per cent, while the NSE frontline index dropped below the 21,950-level.

Tata Motors (down over 7 per cent), JSW Steel, Power Grid, M&M, Bharti Airtel, Reliance Industries, Tata Steel, and Maruti Suzuki were the top laggards on the bourses, capping upside.

Meanwhile, in the broader market, the S&P BSE MidCap, and SmallCap indices slipped over 1 per cent each.

Among sectors, the Nifty Auto index shed 2 per cent, followed by the Nifty Metal index (down 0.6 per cent). On the upside, the Nifty Pharma gained 0.8 per cent.

New listing

Shares of Indegene will debut on the stock markets on Monday, May 13.

The company has fixed the issue price as Rs 490. The grey market premium (GMP), meanwhile, stands at Rs 290, suggesting a listing gain of over 60 per cent.