Nifty slip from record highs, agrochemical firm UPL plunges
BENGALURU, Dec 10 (Reuters) - Indian shares came off record highs on Thursday and the Nifty snapped seven sessions of gains, led by a 10% slide in agrochemical maker UPL following a report of promoters siphoning money.
The NSE Nifty 50 index .NSEI fell 0.44% to 13,470.05 by 0356 GMT, while the benchmark S&P BSE Sensex .BSESN was down 0.38% at 45,928.14. The indexes had hit record highs in 14 of the previous 21 sessions, driven mainly by news of progress in coronavirus vaccines.
India's drugs regulator on Wednesday said it needed more data to make a decision on emergency authorisation for vaccines developed by AstraZeneca AZN.L and Bharat Biotech. Ltd UPLL.NS was the biggest loser on the Nifty, falling as much as 10% after the Economic Times reported https://economictimes.indiatimes.com/prime/corporate-governance/eight-shell-firms-a-pali-hill-house-on-rent-whistle-blower-claims-upl-promoters-siphoned-off-money/primearticleshow/79650123.cms that a whistleblower claimed promoters of the company had siphoned money.
Cement stocks ACC Ltd ACC.NS , Ambuja Cement ABUJ.NS and UltraTech Cement ULTC.NS slid 1.9%-3.0% after Reuters reported late Wednesday that India's antitrust body conducted raids at the companies' offices. shares were also lower on uncertainty about U.S. stimulus and after Britain's medicine regulator issued an anaphylaxis warning on Pfizer (NYSE: PFE )'s vaccine after some adverse reactions. MKTS/GLOB
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