Mumbai: Stock markets slipped into negative territory on Friday amid weak global cues.
Asian markets were trading lower after gloomy scene from the Wall Street amid worries about global economic growth after the European Commission lowered its growth forecasts for eurozone.
At 11:10 am, the BSE Sensex was down 248 points at 36,722 while the Nifty 50 was 74 points lower at 10,994.
Shares of Tata Motors plunged over 18 percent in the morning trade and were among top Nifty losers after the company reported a net consolidated loss due to asset impairment in Jaguar Land Rover of Rs 27,838 crore.
JLR’s announcement of reducing its global workforce by 4,500 people is expected to result in a one-time exceptional redundancy cost of 200 million pounds.
Another prominent loser on Indian markets was Eicher Motors which slipped over 2.5 percent.
All sectoral indices traded in the red with most losses in automobiles, metals, banks and infrastructure sectors.