Bombay Stocks Sell Off

The Sensex sheds 177 points after hitting yet another high.
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Bombay stocks sold off Thursday, dropping 1.4% following three solid gains earlier in the week.

The BSE Sensex dropped 177 points to close at 12,435 after earlier touching 12,671, yet another intraday all-time high.

The top laggards on the index were

Reliance

, down 5.3%,

Tata Steel

, off 4.4% , and

Grasim

, down 2.9%.

Gainers included

Hindalco

, up 1.7% and

HDFC

, up 1.3%.

Larsen & Toubro

shed 1.3% on plans to set up a shipyard to build huge vessels, including large crude carriers.

Tata Power

shed 2.6%. It reportedly plans to add thermal generation capacity.

Reliance Industries said it may take a stake in the big Saudi Aramco petrochemical project in Saudi Arabia.

This story was created through a joint venture between TheStreet.com and IRIS.