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Sensex, Nifty Drift Lower As Yields Climb; Adani Group Stocks Worst Hit
(RTTNews) - Indian shares were moving lower on Friday after rate hikes from policymakers in England, Norway and Switzerland pushed global bond yields higher.
The benchmark S&P BSE Sensex dropped 280 points, or 0.4 percent, to 62,958 in early trade, while the broader NSE Nifty index was down 89 points, or half a percent, at 18,682.
Adani Group stocks led losses on a Bloomberg report that U.S. authorities are looking into what representations the group made to its American investors in the wake of the Hindenburg Research's report.
Adani Enterprises slumped 4.7 percent and Adani Ports tumbled 3.2 percent. ONGC, Hindalco and BPCL were down 2-3 percent.
Eros International Media plunged more than 18 percent after capital market regulator SEBI barred its CEO Pradeep Kumar Dwivedi from the securities market until further notice for allegedly breaching trade practice regulations.
Fortis Healthcare fell 1.1 percent after divesting its Vadapalani hospital business. HDFC dropped half a percent on reports that it would sell a loan portfolio of two five-star hotels in Ghaziabad to Prudent Asset Reconstruction for Rs. 311 crore.
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