Nepse plunges to 339.56 points

Nepse today plunged to 339.56 points mainly due to poor performance Nepal Telecom.
"The not so encouraging third quarter report of the banks and financial institutions coupled with nearing deadline of Constituent Assembly on May 28 hurt the investors' sentiment," said market analyst Rabindra Bhattarai.
"The market could come to around 300 points," he said, advising the investors not to panic.
Nepal Telecom dragged not only the others sub group by 17.62 points -- as it lost Rs 15 per unit, it pulled the secondary market index by 5.03 points to close at 339.56 points -- almost six years low.
Nepal Telecom shares were traded at Rs 396 per unit -- Rs 204 less than the price it was sold at the market by the company during the primary issue.
The company that sold its shares at Rs 600 per unit after adding premium has approved 40 per cent cash dividend yesterday during the third annual general meeting.
Siddhartha Bank lost Rs 23 per unit share followed by Everest bank that lost Rs 21 whereas NIC Bank lost Rs 19, Himalayan Bank and Nepal Investment bank both lost Rs 18 and Bank of Kathmandu lost Rs 15 per unit share to drag the banking index -- the key market player -- by 3.7 points followed by the insurance sub group that shed 3.52 points on the day's trading.
The day saw a total of 72,049-unit shares traded at Rs 15,627,297.