Shares of largecap power utilities NTPC and Power Grid Corp tanked nearly 3 per cent each on BSE in Wednesday’s late deals as the broader market also came under sudden selling pressure. The BSE Sensex closed 434 pts lower and the Nifty lost 168 points to end at 22,029.
The weakness in the two power majors comes due to profit booking after a sharp rally seen in the duo recently. In the last one month, NTPC has jumped 14 per cent and Power Grid is up 21 per cent (excluding today’s decline). The BSE Power index has rallied 12 per cent in this period.
