The Bombay Stock Exchange failed to hold early gains on Wednesday as the benchmark Sensex closed lower by 121 points at 14,090.92 on selling by funds in heavy-weight stocks led by Tata Steel.
The 30-share index, Sensex, which opened higher by 57 points, succumbed to massive selling in most of the heavy-weight stocks, on concerns that the 11.3 billion dollar Corus deal would stretch steel-major Tata Steel's balance sheet.
The BSE-30 share index dipped to the session's low of 14,045.61 points before settling lower by 121.04 points at 14,090.92.
Similarly, the National Stock Exchange index Nifty lost 41.75 points at 4082.70. Though it touched a low of 4068.55 and a high of 4137.85.
Heavy-weight, Tata Steel shares remained the centre of brisk activity throughout the session and lost Rs 55, or 10.7 per cent at Rs 464.90.