NEW DELHI: Shares of Reliance Communications (down 12.50 per cent) and Punjab National Bank (down 12.22 per cent) cracked over 12 per cent in the early trade on Wednesday, emerging as the top NSE losers.Shares of Reliance Communications plunged after an insolvency tribunal ordered bankruptcy proceedings against the company on a petition filed by Ericsson.Shares of Punjab National Bank cracked after it posted on Tuesday its highest-ever quarterly loss at Rs 13,416.91 crore in the January-March quarter as it took a massive hit from the Rs 14,000-crore Nirav Modi scam.Stocks such as Panoramic Universal (down 11.33 per cent), Clariant Chemicals (India) (down 9.92 per cent), Country Condo's (down 9.62 per cent), Pratibha Industries (down 9.52 per cent), Bil Energy Systems (down 9.09 per cent) and Sujana Universal Industries (down 9.09 per cent) tanked over 9 per cent.Surge in US bond yields, a hung House in Karnataka polls and weakness in rupee dragged the domestic shares into negative territory on Wednesday.
The NSE Nifty index was trading 90 points down at 10,712, while the BSE Sensex was down 268 points at 35,275 around 10:10 am.
Among the 50 stocks in the Nifty50 pack, 8 were trading in the green, while 42 were in the red.Cipla, ICICI Bank and GAIL were the top losers in the Nifty index.