Nine firms in which Citigroup held major stake declined by 0.42% to 13.68% on fears the US firm may sell its stake to offset its sub-prime related losses.
Shetron (down 13.68%), Educomp Solution (down 11.18%), Tanla Solutions (down 6.05%), Fedders Lloyd (down 5.66%), Himadri Chemicals & Industries (down 5%), K S Oils (down 3.14%), Spentex Industries (down 1.93%), Zenith Computers (down 1.68%), and Elder Pharma (down 0.42%), declined sharply.
Citigroup's stake in these companies range between 5.48% to 27%.
Citigroup tumbled to a 13-year low in the US market on Wednesday, 19 November 2008, as investors questioned survival prospects on concerns about mounting losses from credit cards, mortgages and toxic debt. Tuesday's decline came a day after Citi's chief executive Vikram Pandit announced it will eliminate 52,000 of Citigroup's work force.
Citigroup is reported to have lost $20.3 billion in the financial crisis the last year.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment