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Sensex, Nifty Tumble As Reliance, ONGC Drag
(RTTNews) - Indian shares fell sharply on Friday, with oil & gas stocks bearing the brunt of the selling.
The benchmark S&P BSE Sensex plunged 560 points, or 1.1 percent, to 52,454 in early trade, while the broader NSE Nifty index was down 173 points, or 1.1 percent, at 15,606.
Reliance Industries slumped 5 percent. Reliance Brands, a subsidiary of Reliance Retail Ventures, has forayed into food & beverage (F&B) retailing with a strategic partnership with U.K.-based fresh food and organic coffee chain Pret A Manger.
ONGC lost 2.8 percent after oil prices fell around 3 percent in the previous session. Maruti Suzuki India fell over 1 percent. The company said it is looking to regain market share in the SUV segment with four new models.
Bharti Airtel fell about 1 percent. The Competition Commission of India has approved Google international's 1.28 percent stake buy in the company.
In another development, the telecom major has opted to defer the payment of AGR dues up to FY 2018-19.
Hindustan Copper dipped half a percent on fund raising reports.
Indian Bank was down about 1 percent after raising lending rates.
Sundaram Fasteners climbed 1.1 percent. The auto components major plans to invest Rs 400 crore in fasteners and defense vertical over the next two years.
Lupin rose half a percent after it received the U.S. FDA nod for Abbreviated New Drug Application (ANDA) - Paliperidone extended-release tablets.
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