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Sensex Falls Over 200 Points, Nifty Ends At 12113

Indian shares gave up early gains to end notably lower on Friday after the Supreme Court rejected the modification pleas filed by the telecom companies seeking new schedule of AGR payment and ordered them to clear their dues that they owe to the government by March 17.

The apex court also directed the top echelons of telecom firms to explain why contempt action should not be taken against them for non-compliance of its order to pay adjusted gross revenue (AGR) dues of Rs 1.47 lakh crore to the telecom department.

The benchmark S&P BSE Sensex dropped 202.05 points, or 0.49 percent, to 41,257.74, while the broader NSE Nifty index ended down 61.20 points, or 0.50 percent, at 12,113.45.

Power Grid Corp, Eicher Motors, IndusInd Bank, Infratel and GAIL lost 3-5 percent, while Yes Bank surged 5.4 percent on fund raising reports.

Vodafone Idea shares plunged over 22 percent while Bharti Airtel climbed 4.4 percent amid increased prospects of a two-operator duopoly in India's telecom sector.

Globally, other Asian markets ended mixed after an early-sell off as the death toll from China's virus epidemic neared 1,400, raising fears of more global contagion.

However, the World Health Organization said there was no major shift in the coronavirus's pattern of mortality or severity, despite a dramatic increase in Hubei province.

European shares were trading mixed in early trade after data showed the German economy stagnated in the fourth quarter, reviving fears of a recession.

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