The Sensex ended 407 points lower at 39,194, while the broader Nifty50 index lost 108 points to end at 11,724.

This is not the time to build a portfolio and investors should liquidate their positions, says stock market guru Jai Bala.

HDFC AMC’s decision to provide a 'liquidity arrangement' for investors of Fixed Maturity Plans (FMPs) impacted by the exposure to Essel Group can be justified because it is the fiduciary responsibility of an Asset Management Company (AMC) to protect the interests of investors.

Shares of Aurobindo Pharma on Friday witnessed a sharp decline after the company informed the exchanges that its unit at Srikakulam in Andhra Pradesh received a warning letter from the US Food and Drug Administration (USFDA). The facility manufactures active pharmaceutical ingredients (APIs) or bulk drugs, raw materials required for making finished drugs.