Sensex, Nifty under pressure; ICICI Bank, IOC, RIL, SBI shares drag .
Shares of Reliance Communications slipped nearly 18 percent intraday as NCLT admitted
an insolvency petition filed by Ericsson against the company.
The National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Swedish communications equipment major Ericsson against Anil Ambani-run Reliance Communications and two of its subsidiaries seeking to recover Rs 1,150 crore.
Ericsson had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecom network but has not been paid the bill.
Last September, the Swedish company had filed a petition in the NCLT's Mumbai bench seeking liquidation of the telecom operator to recover Rs 1,150 crore that RCom owes it.
Shares of Vivimed Labs added 2.3 percent intraday as the company acquired Hungarian company, SONEAS.
Vivimed Labs Spain S.L, the parent of UQUIFA S.A, has signed definitive agreements to facilitate the acquisition of SONEAS, company said in release.
The business has been acquired from Lochlomond and Euroventures which are both based out of Hungary.
The acquisition broadens UQUIFA's market offering in the CDMO space by enhancing its ability to now undertake preclinical, phase I, II and III NCE project development.
The uncertainty over formation of government in Karnataka, asset quality concerns, rupee depreciation and higher crude oil prices dented market sentiment as the Sensex was down 195.43 points at 35,348.51 and the Nifty fell 70.90 points to 10,731.
The Nifty Midcap index trimmed losses to half a percent. About three shares declined for every share rising on the BSE.
ICICI Bank is the biggest loser among Nifty50 stocks, falling 3 percent followed by Reliance Industries, IOC, SBI, L&T, HPCL and UltraTech Cement.
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