Mumbai: Led by IT bellwether Infosys Tech and the top heavyweight RIL, stocks crashed today (Feb 19, 2004) after a promising start, pulling the Sensex by a whopping 172 points, the biggest fall in terms of points in last three years, on across-the-board sell-off by institutional investors.

While Unit Trust of India (UTI) reportedly pressed heavy sales in a bid to book profits at the prevailing higher price levels, Foreign Institutional Investors (FIIs) like HSBC and Goldman Sachs were believed to have reduced their holdings in the Futures and Options. February Contract in derivatives will expire on next Thursday (Feb 26, 2004).

Starting on a firm note at 6,041.36, the Bombay Stock Exchange (BSE) benchmark 30-share index later came under heavy pounding from investors and dropped to a low at 5,845.07 before ending at 5,855.10 as against yesterday's close of 6,027.02, a net fall of 171.92 points or 2.85 per cent.

Software majors Infosys Technologies and Satyam Computers besides the top heavyweight RIL bore the brunt of selling and registered huge losses.

Brokers said foreign funds HSBC and Goldman Sachs were believed to have made across-the-board selling, particularly in Futures and Options segment.

Operators and retailers, which have been booking profits for the past several sessions to mop up funds for investments in forthcoming key public issues by ONGC, GAIL, CMC, Dredging Corp and a few other companies, also seemed to be sellers.

The broad-based BSE-100 index also nose dived by 91.17 points to 3,037.15 from previous close of 3,128.32.