Stock Market Latest Updates: Indices give up intra-day gains as Sensex, Nifty end in red; ICICI Bank, HUL among major losers

Sensex, Nifty end in red; bank, pharma stocks witness selling

The benchmark indices ended marginally lower after giving up the early gains in a volatile session on Monday. 

Sensex fell 81.48 points or 0.26 percent at 31,561.22, while Nifty was down 12.30 points or 0.13 percent  at 9,239.20.  

ICICI Bank, Kotak Mahindra Bank, HUL, HDFC and IndusInd Bank were the major losers in the Sensex pack.

Hero MotoCorp, Bajaj Auto, Maruti Suzuki and TCS were among the major gainers.

HDB Financial Services sacks about 150 employees

HDB Financial Services, a non-banking financial arm of HDFC Group, has sacked about 150 employees during the lockdown, a development which the company said involves a minuscule number of employees and has nothing do with the current economic situation.

However, many of these employees came out on social media platforms against the firing while alleging that HDB Financial Services asked them to resign with immediate effect or face termination.

The company left them to fend for themselves when there is practically no scope of finding a new job in the middle of the lockdown due to the coronavirus pandemic, the sacked employees alleged.

When contacted, HDFC Bank, the parent company of HDB Financial Services, said those resorting to Twitter were a set of disgruntled employees who were being watched for their performances and were intimated well in advance about the same as also there were some ethical issues.

Wockhardt stock surges nearly 5% on Q4 earnings

ICICI Bank stock dips nearly 3%