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I-T raid results in downward movement of sensex
Mumbai
: For the fourth Friday in a row, the leading stock market index, the Bombay Stock Exchange sensex, nosedived on the back of income tax raids on six leading share brokers.

The raids, which commenced around 2 p.m., are said to have immediately caused nervousness among players. As a result of this the sensex finally closed at 3,635 points with a loss of 79 points over its previous close.

The list of brokers apparently raided include Ketan Parekh and his two firms, N H Securities and Triumph International, Radhakishan Damani, who has made an open offer for 20 per cent stake in VST, First Global Securities owned by Shankar Sharma, Nirmal Bang and his firms, Nirmal Bang Securities and Bang Equity Broking and Anand Rathi and his firms, Anand Rathi Securities and Navratan Capital

The sensex was also affected by persistent rumours that leading IT players like Infosys, Wipro and Satyam would also announce profit warnings.
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domain - B : Indian business : News Review : 24 Mar 2001 : capital market