Bombay Stocks Tumble Again

The Sensex index drops for the third straight day.
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Bombay stocks dropped sharply Tuesday, giving ground for the third straight session after last week's record-setting runup.

The BSE Sensex dropped 268 points to settle at 11,647. Only two of 30 index components rose, with automobile and cement stocks taking heavy losses.

Last week the Sensex surged 7%, cracking 12,000 for the first time Thursday. But the index has dropped each day since.

Tuesday's top loser was pharma major

Cipla

, which fell 4.7%, followed by

Tata Steel

, down 4.6%, and

Tata Motors

(TTM) - Get Report

, which fell 4.2%.

The two gainers in the Sensex were

HDFC Bank

, up 0.5%, and engineering firm

BHEL

, up 0.4%.

Indian Petrochemicals

fell 5.6% as the company posted 25.8% drop in net profit.

Nicholas Piramal

fell 3.6% despite swinging to a profit.

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