Sensex dives 300 pts, Nifty breaks 9850; FMCG index sinks 7%

Buzzing: Shares of Balaji Telefilms gained over 4 percent intraday as investors cheered the likely fundraising activity by the firm.

In a late evening exchange notification, the company informed the exchanges that a meeting of the Board of Directors will be held on July 20, 2017, to consider various fund raising options including raising funds through issue of securities on preferential basis, subject to approval from the shareholders of the Company and other necessary approvals, if any.

The company was in the news recently after one of its top executives exited the firm. It announced the stepping down of its Group CEO Sameer Nair from an executive capacity.

Market Check: Equity benchmarks extended losses in afternoon trade, with the Sensex down 298.79 points at 31,775.99, dragged by ITC (down 12.2 percent) and Reliance Industries (down 2 percent). HDFC Bank also turned lower.

The 50-share NSE Nifty has broken the 9850 level, down 71 points at 9,844.95.

The market breadth was negative as about 1,465 shares declined against 1,039 advancing shares on the BSE.

ITC continued to reel under heavy selling pressure on hike in cess on cigarettes by the government.