The other prominent losers were Tata Consultancy Services, Hindalco, Coal India, Bharti Infratel and UPL. However, index heavyweight Reliance Industries advanced by 4.25 per cent to Rs 2,145.25 per share.

The board of the airlines has approved a scheme for sending employees on leave without pay for a time period ranging from six months to two years which can be extended up to five years.

The company bagged orders worth Rs 23,574 crore at the group level during the quarter ended June 30, down 39 per cent, characterised by low interest towards fresh investment and deferment of award decisions.

Bajaj Finance too slipped by 1.6 per cent after reporting 19 per cent fall in its Q1 consolidated net profit at Rs 962 crore. Larsen & Toubro, UPL and Bharat Petroleum Corporation too traded with a negative bias.

ICICI Bank moved up by 2.6 per cent and Axis Bank by 1.9 per cent. Index heavyweight Reliance Industries gained by 1.9 per cent to Rs 1,957.50 per share.

MSCI's broadest index of Asia Pacific shares outside Japan slipped by 0.2 per cent while Japan's Nikkei faltered by 0.35 per cent and Hong Kong's Hang Seng index by 0.4 per cent.

Sources said that in all the above cases, the grievances of over-pitched assessment or harassment by the taxpayers/tax professionals have been almost eliminated.

The profit before tax was at Rs 8,938 crore with tax expenses totalling Rs 2,279 crore, it said in a statement issued after a meeting of the board of directors.

The BSE S&P Sensex wound up the volatile trading session 420 points or 1.16 per cent higher at 36,472 while the Nifty 50 edged higher by 122 points or 1.15 per cent at 10,740.