Sensex Plunges 700 Points, Britannia, Apollo Hospitals Top Losers

It was another day of decline for the markets, with the Sensex dropping 700 points, while the Nifty fell 204 points on the back of weak global cues.

Fall in heavyweights like Reliance Industries, HDFC and HDFC Bank resulted in a drop in the index. Global cues were weak with most of Asia dropping sharply, following rising bond yields in the US.

ICICI Bank managed to gain ground in a falling market on the back of a good set of numbers the bank reported. Shares in Reliance Industries dropped more than 1.32% after the company announced a deal cancellation with the future group.

"The Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings. As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented. This is for your records," the company said in a filing.

Shares in HDFC Bank fell, despite the bank declaring a dividend of Rs 15.50 per share.